By Sami Zaptia.
London, 21 December 2020:
The London Commercial Court ruled in favour of Libya’s sovereign wealth fund, the Libyan Investment Authority (LIA), ordering the discharge of receiverships first imposed on some of its UK assets five years ago, the LIA reported Saturday (19 December).
The LIA has described the outcome as ‘‘a significant success’’, which brings an end to three receiverships first established by the English Courts in 2015. The LIA says the ruling conclusively affirms the authority of the LIA’s current leadership.
The receiverships were first established by the English Courts between 2015 and 2017 in response to a dispute over who had authority to represent the LIA as chairman, to help manage several lawsuits ongoing in the UK at the time. The receiverships were only ever intended to be temporary.