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Sovereign Wealth Funds Briefing - Categorized | Market, People

Libya’s sovereign wealth fund “in limbo” after sacking

Posted on 13 March 2013

The outgoing head of Libya’s sovereign wealth fund said a decision to sack him has left its restructuring plans and the pursuit of compensation for investment losses in limbo, potentially costing the country millions. Late last month Prime Minister Ali Zeidan said Mohsen Derregia, head of the Libyan Investment Authority (LIA), would be replaced under a government policy to remove those who performed poorly in their jobs.
In an exchange highlighting the disarray of state institutions some 18 months after Muammar Gaddafi’s ouster, Derregia took his dismissal to court, saying it had come out of the blue and that he had yet to be contacted over a handover………………………………………..Full Article: Source


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