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Sovereign Wealth Funds Briefing - Categorized | Fund Management/Administration

Leadership battle at Libya’s sovereign wealth fund heats up

Posted on 12 October 2015

The tussle for control of Libya’s $67 billion (Dh245.89 billion) wealth fund, the Libyan Investment Authority (LIA), between two executives both claiming to the legitimate chairman, is escalating in a war of words. AbdulMagid Breish and Hassan Ahmad Bouhadi have been exchanging words through the media and lawyers this year as they both state their case to be the recognised chairman.
“We have unfortunately a rogue … board claiming to be the rightful board but they don’t control anything,” Breish said in an interview in a Dubai hotel on Saturday. Breish was appointed Chairman and Chief Executive of the LIA in 2013 but latter stepped aside when he was investigated under Libya’s Political Isolation law that prevented associates of former dictator Muammar Gaddafi from holding public office………………………………………..Full Article: Source


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