Libya’s wealth fund rival seizes office

Libya’s wealth fund rival seizes office

A claimant for the chairmanship of Libya’s sovereign wealth fund says he has retaken control of the fund’s head office in Tripoli, in a challenge to a U.N.-backed government that tried to sideline him.

The move is the latest step in a long-running feud over the $67 billion Libyan Investment Authority (LIA) that reflects Libya’s political turmoil and has complicated prospects for any return to regular management of the fund.

Much of the fund has been frozen under sanctions, though it remains one of Libya’s key financial bodies. It has also been involved in high-profile litigation, including cases against Goldman Sachs and Societe Generale.

The U.N.-backed Government of National Accord (GNA) named the steering committee to run the LIA in August, as it tried to gain control over institutions that had been split under two other, competing governments.

The decision was contested by AbdulMagid Breish, who was appointed chairman in Tripoli in 2013 and says he was evicted from LIA headquarters in September by guards acting on behalf of the GNA.  PHOTO: Tripoli (TripAdvisor)  READ MORE: http://af.reuters.com/article/topNews/idAFKBN15M0ML

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