Media Advisor for the Libyan Investment Authority, Louay Al-Griw, affirmed today, Sunday, in a statement to our source that the Board of Trustees of the Libyan Investment Authority held its first regular meeting in Tripoli, chaired by the Prime Minister and Chairman of the Board of Trustees, Abdul Hamid Dbeibeh. The meeting was attended by members of the Board of Trustees and the Board of Directors of the institution to monitor its activities.
During the meeting, a set of reports and memoranda were reviewed. The Chairman of the Board of Directors, Ali Mahmoud, presented a report on the institution’s activities, highlighting the activities of the Board of Directors and the significant achievements.
Al-Griw stated: “Deloitte presented the final results of the consolidated financial statements for the institution and its subsidiaries according to the International Financial Reporting Standards (IFRS). The international firm Ernst & Young provided a visual presentation on the approval of data and financial accounts for the institution’s group to prepare consolidated financial statements and the audit plan for the years 2020, 2021, and 2022.”
The Media Advisor further explained that the accounts and financial data of the institution’s group were approved. He clarified that the action plan includes preparing an accounting guide according to international standards for the institution and its subsidiaries, ensuring governance in the institution’s operations, and adherence to the Santiago Principles.
Al-Griw continued his statement, saying that the Board of Directors reviewed the short-term investment plan aimed at protecting assets and preserving their value. The Board approved the plan and welcomed the issuance of United Nations Security Council Resolution No. 2701 for the year 2023. The resolution expressed the Security Council’s readiness to consider amendments to asset freezing measures to allow reinvestment to preserve their value. The Council emphasized the importance of implementing the presented investment plan according to the proposed timeline to ensure the preservation of the frozen assets in accordance with the decisions of the United Nations Security Council.
The Media Advisor concluded his statement, stating that the Chairman of the Board of Trustees emphasized the need for the Board of Directors to develop investment plans for the institution and its subsidiaries as the Libyan sovereign fund. He stressed the importance of transparency and disclosure of all procedures.