The Libyan Investment Authority's (LIA) Board of Trustees held its first regular meeting for the year 2023 on Sunday, headed by the Secretary of the LIA Board of Trustees, Prime Minister Abdul Hamid Dbeibah. The meeting was attended by members of the Board of Trustees, its Board of Directors, and the team of the international companies Deloitte and  Ernst & Young (EY) as they are the external auditor of the LIA.

The meeting reviewed the Board of Directors’ activity report for the fiscal year 2023, the report of the external auditor for previous years, as well as the plan for the year 2024.

Chairman of the Board of Directors, Ali Mahmoud, gave a presentation showing the settlement of accounts and financial statements, the preparation of consolidated financial statements, the procedures taken by LIA regarding judicial seizures in cooperation with the Cases Department and the Attorney General’s Office, and reviewing the management of the LIA funds in a number of local and international banking and economic institutions.

Deloitte team presented the steps taken over the past years with the aim of reaching the lists of consolidated financial reports in accordance with the International Financial Reporting Standards for financial reporting, given that these lists have not been approved since 2008, according to Hakomitna media platform.

The global team of Ernst & Young (EY) also presented its activity with the LIA as the external auditor, which showed the financial assets of the LIA and its affiliated entities that were financially reviewed in its report completed in the middle of 2023.

Dbeibah stressed the need to continue cooperation with accredited international institutions in completing consolidated financial statements, auditing procedures for all accounts of the LIA assets, and working in accordance with international financial reporting standards.

He added that LIA was late over the past years in preparing the consolidated lists and appointing an external international auditor to ensure the transparency of procedures. He praised the efforts currently being made by the Board of Directors to complete this important file.

The Prime Minister also stressed the need to submit investment plans for LIA and its subsidiaries, as the Libyan sovereign fund, taking into account the standards of transparency and disclosure of all its procedures.