Supreme Court: Derregia must return to his former LIA position

The Supreme Court of Libya denies the request by the Chairman of the Board of Directors and Chief Executive Officer of the Libyan Investment Authority (LIA) Ali Mahmoud Hassan to freeze the administrative courts of appeal in Tripoli for referring Dr. Mohsen Derregia to his former position as President and CEO of the LIA, a source told Libyan Express.

The source added that Ali Mahmoud has exhausted all legal possibilities and has been advised that the ruling is final and must be implemented.

There were reports in the past year that Ali Mahmoud’s relationship with Abdul Hamid Dabibah, the prime minister of the national unity government, was turbulent in some disagreements.

Dr. Mohsen Derregia became chairman of the LIA in April 2012 to run $67 billion fund. He found a mess that he spent a year trying to clean up.

The Libyan Investment Authority (LIA) is the sovereign wealth fund of Libya. It is established on 28 August 2006 to manage the surplus of the Libyan oil revenues.

With assets surpassing $67 billion, LIA has intended to establish itself as a sustainable entity based on the internationally applied best practices. The LIA have been subject to a partial asset freeze since 2011.

All responses have been edited for brevity and clarity.