Prime Minister Abdul Hamid Dbeibah, in his capacity as Chairman of the Trustees of the Libyan Investment Authority (LIA), has emphasized the need to protect the institution’s assets as attempts to seize those funds go on.
In his meeting with the LIA Board of Directors, the PM said it is essential to be open with the Libyan people about the investments, as secrecy opens the door for rumors without facts.
He noted the importance of giving priority to inward investment, particularly in solar energy, oil, and gas.
The LIA head, Ali Mahmoud, denied that the Libyan state had lost funds, insisting that the institution had moved from exclusive investments to achieving profits and creating successful opportunities.
The Belgian Court of Appeal, on Friday, ruled that the 15 billion euros of the LIA funds remain frozen at the Euroclear Bank in Brussels.
The court also ruled in favour of the international arrest warrant against the LIA Chairman, Ali Mahmoud.
The two rulings come in favor of the Belgian Crown Prince Laurent in the case of the former International Sustainable Development Fund, which demands compensation amounting to 50 million euros due to Libya's alleged breach of a contract signed in 2008 with the Libyan Ministry of Agriculture, to reforest thousands of hectares of desert lands.
The LIA vowed to take action against Belgium, saying the ruling "was not a surprise."
The ruling concerns the Belgian judiciary, which is biased towards Prince Laurent, who stated before the date of the judgment that he would surprise the institution with a ruling in his favor, the LIA stated.