| The dispute over who controls the Libyan Investment Authority (LIA) reached London’s High Court on Monday, with $67 billion in assets at stake. The case has the potential to lay the ground for further lawsuits against Goldman Sachs and Societe Generale over the alleged mismanagement of $3 billion.
Amid the 2011 uprising against the Gaddafi regime, the UN Security Council froze the assets of the LIA and 85% of the fund’s assets remain frozen to this day. However, it is not even clear who holds responsibility for the fund. In 2014, the Council of Deputies replaced AbdulMagid Breish with Hassan Bouhadi, but Mr. Breish was later reinstated by the Libyan Court of Appeal in Tripoli. So the LIA has two chairmen vying for control over the fund...............................................Full Article: Source
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