Libya's sovereign wealth fund, the Libyan Investment Authority (LIA), which is conducting a review of all investments made by the toppled Muammar Gaddafi regime, has uncovered potentially large losses in its $5 billion Africa portfolio, its acting chief executive, Rafik Nayed, told Reuters.Nayed said that its investment operations are on hold while it looks through $65 billion in assets to examine dealings with people tied to Gaddafi.
Showing posts with label Libya's economy. Show all posts
Showing posts with label Libya's economy. Show all posts
Sunday, October 30, 2011
Tuesday, October 18, 2011
Libya's shadow on sovereign wealth funds
NEW YORK: As Libya's citizens rebuild their lives and economy, undoing the corruption in the Libyan Investment Authority (LIA), the sovereign wealth fund in which Muammar Gaddafi's regime allegedly stashed and misused Libya's oil wealth, is becoming a priority.
The National Transitional Council is debating who should take over Libya's Central Bank and the LIA's assets - an especially important decision, given that oil production is not expected to return to pre-war levels for several years.
The National Transitional Council is debating who should take over Libya's Central Bank and the LIA's assets - an especially important decision, given that oil production is not expected to return to pre-war levels for several years.
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