The Libyan Investment Authority (LIA) said that the United Nations Sanctions Committee rejected Thursday the recommendation of the team of experts for freezing the assets of the LIA companies, explaining at the same time that the rejection decision came as a result of the efforts of the Board of Directors and the Executive Management.
LIA added that it had held a series of meetings with the Sanctions Committee and made clear the negative effects on the assets of the LIA if the recommendation of the experts’ team is accepted.
The Libyan Investment Authority indicated that the Chairman of the Sanctions Committee expressed satisfaction with the procedures for governance and the application of transparency standards in the administrative work of the LIA.
Meanwhile, the Board of Directors of the Libyan Investment Authority held a series of meetings early this year, following the launch of the strategic plan for the LIA’s work in the context of enhancing transparency and applying the “Santiago” standards.
The management of the “ifswf” forum on the work of investment funds in the world issued a report last week covering 34 countries, including Libya, explaining that all members had applied the “Santiago” standards related to the application of conditions of governance and transparency, including separating tasks in administrative work and investment management.
