Key Takeaways
- • The Libyan Investment Authority (LIA), Libya's sovereign wealth fund, is exploring reinvestment of cash balances frozen in France under UN Security Council resolutions, with the stated aim of preserving value, limiting erosion and maximizing returns.
- • LIA Chairman and CEO Ali Mahmoud met in Paris with Emmanuel Chay, Deputy Director for sanctions and combating financial crime at the French Ministry of Economy and Finance, to discuss implementation mechanisms.
- • Discussions reportedly covered provisions that would allow reinvestment of frozen cash while keeping the assets subject to the asset freeze, according to an LIA statement published on Facebook.
- • The LIA manages an investment portfolio in France valued at more than $1 billion, comprising deposits, financial investments and real estate assets.
Summary
The Libyan Investment Authority (LIA), Libya's sovereign wealth fund, is exploring the reinvestment of cash balances frozen in France under United Nations Security Council resolutions, according to The Libya Observer. The stated objective is to preserve the value of the frozen balances, prevent their erosion and maximize investment returns.
LIA Chairman and CEO Ali Mahmoud held a meeting in Paris on Monday with Emmanuel Chay, Deputy Director responsible for sanctions and combating financial crime at the French Ministry of Economy and Finance, and a team from the department overseeing sanctions and frozen assets. Mohamed Hamouda, Chargé d'Affaires at the Libyan Embassy in France, also attended. The meeting was held at the headquarters of the French Treasury Directorate-General under the Ministry of Economy and Finance.
According to a statement the LIA published on Facebook, the discussions addressed mechanisms for implementing the relevant UN Security Council sanctions resolutions. These include provisions that would allow the authority to reinvest frozen cash balances while keeping them subject to the asset freeze. The LIA said talks also covered practical and technical matters related to its assets and investments in France, where it manages a portfolio valued at more than $1 billion spanning deposits, financial investments and real estate.
The LIA described the meeting as part of its ongoing efforts to protect its assets and strengthen their management in accordance with international legal frameworks, in coordination with competent authorities in the countries where its assets are located. The report is based on the LIA's own statement, and no details on the timing or scale of any reinvestment were disclosed.
LIA Chairman and CEO Ali Mahmoud held a meeting in Paris on Monday with Emmanuel Chay, Deputy Director responsible for sanctions and combating financial crime at the French Ministry of Economy and Finance, and a team from the department overseeing sanctions and frozen assets. Mohamed Hamouda, Chargé d'Affaires at the Libyan Embassy in France, also attended. The meeting was held at the headquarters of the French Treasury Directorate-General under the Ministry of Economy and Finance.
According to a statement the LIA published on Facebook, the discussions addressed mechanisms for implementing the relevant UN Security Council sanctions resolutions. These include provisions that would allow the authority to reinvest frozen cash balances while keeping them subject to the asset freeze. The LIA said talks also covered practical and technical matters related to its assets and investments in France, where it manages a portfolio valued at more than $1 billion spanning deposits, financial investments and real estate.
The LIA described the meeting as part of its ongoing efforts to protect its assets and strengthen their management in accordance with international legal frameworks, in coordination with competent authorities in the countries where its assets are located. The report is based on the LIA's own statement, and no details on the timing or scale of any reinvestment were disclosed.
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