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

  • Share via facebook
  • Tweet this
  • Bookmark and Share

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.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Saudi Arabia, Kuwait shared zone tensions underlie oilfield closure

Saudi Arabia, Kuwait shared zone tensions underlie oilfield closure

Crude output from jointly-run offshore Khafji oilfield has been...

The billion dollar war

The billion dollar war

As US president Barack Obama seeks to slash the Pentagon’s budget...

End of Gaza war doesn't translate into peace

End of Gaza war doesn't translate into peace

A week after the guns fell silent in the Gaza war, Israel and...

Most Discussed