The Libyan Investment Authority has announced its success in lifting the last judicial reservations imposed on its assets by international parties and companies seeking to use the funds and assets of the Authority to settle alleged debts on some entities of the Libyan state.
The Authority stated that it faced these reservations before European courts and refused to use its funds for execution. As a culmination of these efforts, the Court of Appeal in Paris ruled to invalidate the latest of these reservations under the judgments issued on 16/11/2023 and 23/11/2023.
It further emphasized that, for the first time since 2013, there are no judicial reservations on the assets of the Libyan Investment Corporation in France. This confirms the success of the corporation’s strategy in preserving and protecting its assets, reinforcing its commitment to independence as a sovereign fund managing its funds for the benefit of the Libyan people.
The Libyan Investment Authority also announced the start of the second phase of international arbitration proceedings with Belgium regarding the imposed seizure by Belgian authorities on the assets and funds of the corporation in Belgium, in violation of the Investment Promotion and Protection Agreement between the two countries.
The Authority welcomed the issuance of UN Security Council Resolution No. 2701 for the year 2023, which affirmed the readiness of the UN Security Council to consider amendments to asset freezing measures, including allowing the corporation to reinvest the frozen assets to preserve their value.
It stated that it will present its investment plan for the reinvestment of its assets to the UN Security Council in coordination with the Board of Trustees in the coming period.