DLA: Corruption lobby within Libyan Investment Authority is growing stronger

BY Libyan Express Jul 30, 2018 - 21:55 Updated: Jul 31, 2018 - 13:48

The CEO of the LIA appointed by the Head of the Presidential Council Fayez Al-Sirraj (Ali Mahmoud)

Digital Libya Agency (DLA) revealed that the current chairman of the Libyan Investment Authority (LIA) Ali Mahmoud has appointed himself a member of the board of directors of the First Energy Bank, which is headed by Mohammed Shoukry Ghanim on behalf of the LIA.

DLA said leaked documents showed that the First Energy Bank has lost 400 million dollars.

It also said that Mahmoud and Faisal Al-Gergab called, on behalf of the Emirati owners, for dropping the bank’s capital in an attempt to deviate them from the truth that the bank was losing.

“the LIA chairman Ali Mahmoud took the money allocated for the LIA from the board of directors and it amounted to 50 million dollars that was in a Bahraini-based company and gave it to The First Energy Bank, which was losing 400 million dollars at the time, but the CBL governor stopped this transaction, knowing that a 2014 law says the LIA should leave the Energy Bank as it is a very dubious body.” DLA indicated.

LIA told the First Energy Bank in Bahrain that it was leaving the venture on June 12, 2014 “implying to the administration that the bank was dubious.”

Despite the LIA’s decision to leave, Mahmoud tried, with help from Al-Gergab, to transfer money to the Bahrain-Based bank in a flagrant violation of LIA’s assets.

Libyan News reported earlier this year that the the Presidential Council was devising a new “dynamic strategy” to operate the LIA, including sacking Ali Mahmoud and appointing Bader Bin Othman in his place, however; interests between Mahmoud and the Presidential Council hindered the new strategy.

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