Libya calls for lifting receiverships on frozen assets in Britain

The Libyan Investment Authority (LIA) has applied to London to lift three receiverships imposed on its assets in the UK and to recognise the authority’s Board of Directors under the chairmanship of Ali Mahmoud Hassan.

In a statement issued on Tuesday, the authority said its request to the British Commercial Court on “the termination of three of receiverships of the LIA’s assets and to retrieve authority over them comes in line with the efforts of the United Nations to protect and support the legitimate Libyan sovereign institutions”.

The authority also expressed concern over the “ongoing and unnecessary costs” of the receiverships imposed by the British judiciary over its assets saying the request has the full support of the chairman of the Presidential Council, Fayez Al-Sarraj.

The LIA board of directors’ priority is to protect its assets and the Libyan people’s interests, the statement added.

The British judiciary imposed the receiverships in 2015 to help manage lawsuits filed by the authority before British courts while leadership of Libya was being contested.

The authority’s assets are estimated at around $67 billion.

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