#AceFinanceNews – LIBYA:July.21: AbdulMagid Breish, former leader of Libya’s sovereign wealth fund, warned on Friday that conditions are not right to start unfreezing and managing $67 billion worth of assets.
The fund is at the center of a bitter power struggle even as its staff is trying to trace those responsible for billions of dollars of missing money. Breish said any unfreezing of Libyan Investment Authority (LIA) assets could jeopardize the funds, as rival governments and factions on the ground scramble for cash. Breish said there is around $300 million in foreign bank accounts that the LIA can access.
Another 10 billion Libyan dinars are on deposit with local banks. However, he insisted that it is impossible under current law for any government or institution to use that money. [Reuters, 7/17/2015]