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LIA Steering Committee “Illegal and Illegitimate”.

A court in Tripoli has ruled that the appointment of a Steering Committee to run the Libyan Investment Authority (LIA) is illegal and illegitimate.

According to a report from The Libya Observer, the Second Administrative Division of Tripoli Appeals Court made the ruling following an appeal lodged by the Tripoil-based Chairman of LIA, AbdulMagid Breish, against Presidency Council’s Decree No. 115 (2016), which appointed an interim steering committee to run the country’s $67-billion sovereign wealth fund.

As a result of the ruling, all decisions and appointments made by the steering committee have become void, and officials appointed under the decree are dismissed.

The steering committee is therefore illegitimate and those who choose to continue working for it will have to bear the criminal and civilian responsibility in front of the Libyan judiciary,” The judge ruled.

Earlier this month, Tripoli Appeals Court ruled against the Presidency Council’s formation of an interim steering committee to run the state-owned General Electric Company of Libya (GECOL), saying the decisions made by that steering committee are all void. Nonetheless, the Presidency Council defied the court ruling and ordered its steering committee to remain in office, causing a power struggle with the management of GECOL.

(The Libya Observer)

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