Government of National Accord may gain access to Libyan sovereign wealth fund
The Libyan Ambassador to the UN, Ibrahim Dabbashi, wants the UN to approve a sanctions exemption for the Libyan sovereign wealth fund (LIA). The LIA was controlled by the Gadaffi family.
|Dabbashi complained about ineffective management of the frozen assets. The sanctions were imposed to stop Gaddafi from escaping with Libya's wealth. Dabbashi said: “The LIA estimates that in 2014 alone, instead of increasing the value of its assets base, it had real losses of $721 million. Furthermore, it lost an additional $1.6 billion to $2.3 billion in what would have been returns on investment if its assets had been properly invested in conservative investments with competitive interest rates.” Dabbashi told Reuters the LIA has about $67 billion in assets. Dabbashi made it clear that his government would not use the assets, only try to ensure that they were better managed so as not to lose more money.|