$67 bil­lion Libyan In­vest­ment Au­thor­ity sees Malta plat­form as ‘vi­tal to its cred­i­bil­ity’

Malta Independent - - NEWS -

The Libyan In­vest­ment Au­thor­ity, which holds some $67 bil­lion in as­sets, sees its plat­form in Malta as vi­tal to its cred­i­bil­ity.

The pres­i­dent of the In­terim Steer­ing Com­mit­tee of the Libyan In­vest­ment Au­thor­ity (LIA), Ali Has­san Mah­moud, re­cently hosted its first uni­fied meet­ing at­tended by the Steer­ing Com­mit­tee and the lead­er­ship of all LIA sub­sidiaries in Tu­nis.

Com­ment­ing at the meet­ing, Dr Ali said, “The EU reg­u­la­tion, ac­count­abil­ity stan­dards and gover­nance that is of­fered by the Malta plat­form for the LIA is vi­tal to our cred­i­bil­ity with banks, in­vest­ment part­ners and those com­pa­nies in which the LIA in­vests.

“Like­wise in Libya, the fact that the Tripoli of­fices are now back un­der the con­trol of the LIA, as is the case with the ac­counts reg­is­tered with the Cen­tral Bank of Libya, is en­cour­ag­ing for all Libyans. Em­bed­ded as we are within the new gover­nance struc­tures of Libya, we will keep our head and hearts above the po­lit­i­cal fray and fo­cus on our jobs of pro­tec­tion and pre­serv­ing, and where we can grow the value of as­sets un­der our stew­ard­ship.”

The vast ma­jor­ity of the LIA’s as­sets are lo­cated over­seas. Like­wise, many of the reg­u­la­tory sys­tems un­der which the LIA as­sets are domi­ciled are out­side Libya and reg­u­lated by in­ter­na­tional bank­ing and fi­nan­cial codes of best prac­tice and gover­nance.

The uni­fied meet­ing was made pos­si­ble by the Gov­ern­ment of Na­tional Ac­cord Statute 115 ap­point­ing Dr Ali and the Steer­ing Com­mit­tee, and the fact that it was fully at­tended by all ex­ec­u­tive and non-ex­ec­u­tive board mem­bers of the sub­sidiaries is viewed as a turn­ing point for the LIA.

Wel­com­ing ex­ec­u­tive man­age­ment from the LIA’s two of­fice in Tripoli and Malta and re­ceiv­ing pre­sen­ta­tions from the Board of Di­rec­tors of the LIA’s five sub­sidiary com­pa­nies that are re­spon­si­ble for its in­vest­ments in over 550 com­pa­nies across four con­ti­nents, Dr Ali con­veyed his com­mit­ment to pro­tect and pre­serve all un­der his au­thor­ity.

Speak­ing be­fore the meet­ing Dr Ali said: “Ev­ery Libyan has a stake in the LIA and ev­ery Libyan cares deeply that his or her in­vest­ment must be well man­aged and care­fully, sus­tain­ably and above all ef­fi­ciently in­vested for our pros­per­ous fu­ture. Gover­nance is key and we are charged by the Gov­ern­ment of Na­tional Ac­cord and Libyan law to pre­serve and pro­tect the value of th­ese in­vest­ments.”

At the end of the meet­ing Dr Ali com­mented, “The Libyan Po­lit­i­cal Agree­ment signed in Sakhairat on 17 De­cem­ber 2015 has been recog­nised both lo­cally and in­ter­na­tion­ally as the way for­ward for Libya. The in­ter­na­tional com­mu­nity reaf­firmed UN Res­o­lu­tion 2259 ac­knowl­edg­ing the GNA’s ex­clu­sive power to gov­ern Libya and to ex­er­cise over­sight over na­tional in­sti­tu­tions in­clud­ing the LIA. The Pres­i­den­tial Coun­cil of Libya ap­pointed the In­terim Steer­ing Com­mit­tee for the LIA, which I head, to safe­guard Libya’s as­sets and to make sure that the LIA is well rep­re­sented in in­ter­na­tional courts es­pe­cially in the trails of Gold­man Sachs and So­ciété Générale SA.

“I wanted to take a very brief op­por­tu­nity to­day to per­son­ally thank the rep­re­sen­ta­tives of a num­ber of EU coun­tries, the USA and banks and reg­u­la­tors across the globe for their con­tin­ued sup­port. I am de­lighted to say that the LIA is uni­fied. We came here to­day and we leave as one LIA with a com­mon goal. I also sought to show our guests how our ad­her­ence to le­gal process, good gover­nance and com­mer­cial best prac­tice is best serv­ing the Libyan peo­ple.”

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