Libyan Investment Authority wins appeal against Presidential Council

The Second Administrative Division of Tripoli Appeals Court has ruled that the Interim Steering Committee of the Libyan Investment Authority (LIA) that was formed by the Presidency Council was illegal, a lawyer has confirmed.

The lawyer of the Libyan Investment Authority, Saleh Almgeli, said the court delivered its final verdict regarding the administrative appeal that had been lodged by the Chairman of LIA, AbdulMagid Breish, against Decree No. (115 of 2016) by the Presidency Council by which an interim steering committee was formed to run the LIA.

“The Tripoli Appeals Court upheld the LIA’s appeal on January 02, 2017. The so-called steering committee was determined to have been operating illegally and illegitimately and thus had been found by the court as usurper of a state sovereign position.” Almgeli said in a statement today.

The court added that with passing of the court ruling, all of the consequences created by the annulled PC’s decree to form a steering committee to run the LIA have become void and, therefore; those who were appointed as officials in the LIA based on the annulled decree are dismissed and are left with no official authority to carry out any LIA-related acts.

“The steering committee is therefore illegitimate and those who choose to continue working for it will have to bear the criminal and civilian responsibility in front of the Libyan judiciary.” The judge ruled.

Earlier this month, Tripoli Appeals Court ruled against the Presidency Council’s formation of an interim steering committee to run the state-owned General Electric Company of Libya (GECOL), saying the decisions made by that steering committee are all void.