Shalgam warns of losing Libyan Investment Authority’s assets

February 13, 2018

Former Libyan ambassador to the United Nations, Abdel Rahman Shalgham, warned of a scheme aimed to seize Libya’s assets overseas with some Libyan parties being accomplices to the scheme.

Shalgam said on his Facebook page that all the conflicts’ files of Libya with the US, the UK, France, and Germany had been settled and closed, yet speaking of those files again only aims at seizing Libya’s assets abroad in collaboration with certain Libyan parties.

Libya’s sovereign assets are about 67 billion and it comes second in Africa and 20 worldwide, with 40% of the assets are investment packages.

Politico reported two days ago that six years after Muammar Gaddafi’s death, his regime’s frozen funds in Brussels are generating tens of millions of euros in interest for mystery beneficiaries, despite international sanctions.

“A Politico investigation into €16 billion of the Libyan dictator’s assets held in Belgium discovered big, regular outflows of stock dividends, bond income and interest payments. Legal documents, bank statements, emails and dozens of interviews point to a loophole in the sanctions regime.” The website unveiled.

Politico also explained that while Gaddafi’s wealth is meant to be held in trust for the Libyan people until the war-shattered country stabilizes, interest payments flowed from frozen accounts in Brussels to bank accounts in Luxembourg and Bahrain over recent years, pointing out that Belgium’s finance ministry says such payments are legal.

Meanwhile, the Presidential Council in Libya ordered in 2016 the formation of an interim steering committee for the Libyan Investment Authority with the authorities of the CEO and Board of Directors, yet the Tripoli Supreme Court rejected the order of the PC and refused the subsequent challenge to the ruling lodged by the PC, ruling eventually that the PC’s order was null and void, thus creating a sort of chaos inside the LIA.