Libyan Investment Authority Reclaims Control of U.K. Assets
Posted on 12/19/2020
Libya’s sovereign wealth fund, the Libyan Investment Authority (LIA), had some success in London Commercial Court. The LIA is bringing an end to three receiverships first established by the English Courts in 2015 and conclusively affirming the authority of the LIA’s current leadership. This decision will eliminate third-party influence over the LIA’s affairs in the U.K. and return control of major assets and multiple pieces of litigation to the sovereign wealth fund. This means that unwanted costs can be avoided and, subject to compliance with all applicable sanctions regimes, assets can now be unlocked and deployed for the benefit of the Libyan people. The Court’s decision also removes a significant layer of additional costs associated with having the receiverships in place. Following the receiverships’ discharge, further funds and resources can now be made available for the day-to-day operations and activities of the LIA and used to further enhance its operating efficiency. This milestone follows a series of landmark legal victories for the LIA, including decisive rulings by the English Commercial Court and Court of Appeal earlier this year on Dr Mahmoud’s authority and chairmanship. That authority was reaffirmed by the reappointment by the LIA’s Board of Trustees of Dr Mahmoud as chairman for a further three-year term in November 2020.