Libya’s U.N.-Backed Government Appoints Panel to Run $67 Billion Wealth Fund
Reuters reports that the UN-backed Libyan Government has issued a statement that it is appointing a caretaker committee to run the country’s $67 billion sovereign wealth fund.
The Government of National Accord (GNA) said in a statement that the committee should not dispose of Libyan Investment Authority (LIA) assets and should protect the fund’s rights and follow all legal cases it is involved in.
The announcement of the caretaker committee came days after one of the fund’s competing chairmen, Hassan Bouhadi, tendered his resignation.
The LIA is also involved in two law suits against investment banks Goldman Sachs and Societe Generale, seeking to get back over $3 billion lost in trades carried out under the Gaddafi regime.
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