Head of Libya investment fund steps down over 'Gaddafi law'

Legislation bans people from taking a public office if they had a function in the regime of the former leader deposed and killed by rebels in 2011
By Reuters
Thu 10 Jul 2014 11:48 AM

The Libyan Investment Authority (LIA), the sovereign wealth fund of the North African oil producer, has appointed a new chief after his predecessor stepped down over a controversial political law, according to a statement on Wednesday.

Former Oil Minister Abdulrahman Benyezza has taken over as acting head of the fund, the LIA said. His predecessor Abdulmagid Breish quit after an investigation under a law which bans people from taking a public office if they had a function in the regime of late strongman Muammar Gaddafi, who was deposed and killed by rebels after an eight-month uprising in 2011.

"Mr. Breish has therefore stepped aside, appealed the decision and remains confident of the eventual outcome," the LIA said in a statement.

The law has been welcomed by some Libyans who suffered under Gaddafi, but is seen as a headache for the government because the country has few experienced technocrats after four decades of one-man rule.

Libya badly needs stability and an end to chaos which has plagued the country since Gaddafi's overthrow. Top officials frequently get changed, hampering developing the desert country.

The LIA is managing the country's overseas assets, such as stakes in banks like as Italy's Unicredit. The country had total foreign assets and reserves worth around $109 billion in June, according to the central bank.

For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Last Updated: Thu 26 Jan 2017 01:27 PM GST

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.