Libyan Investment Authority confirms that reports of 2012-2014 losses are “false” and “inaccurate”

Libyan News

Responding to a recent report in Libyan outlet Al Wasat which quoted the parallel accounting bureau in Tobruk claiming that the Libyan Investment Authority (LIA) lost over US$22 billion in foreign investments between 2012 and 2014, Mr AbdulMagid Breish, Chairman and CEO of the LIA, says:

“This report was first published in July 2015, and its claims about LIA losses are just as false today as they were then. There was no attempt to verify these inaccurate statements and figures with the LIA’s headquarters in Tripoli prior to publication.”

“A Deloitte report has valued the LIA’s assets at a total of US$67 billion as at 31 December 2012, and the majority of these assets are currently frozen by UN and EU sanctions committees. Current estimates are that the value of these assets has in fact increased since then.”

“A full audit of the LIA’s investments, including its liquid assets and its final accounts by external auditors, is scheduled to be completed by the end of 2016. This will result in a fully updated valuation figure.”