French court nullifies executive Kuwaiti Kharafi Group's seizure of LIA assets worth $1.2 billion
The Head of the Libyan Investment Authority (LIA), Ali Mahmoud, confirmed Wednesday the ruling of the French Court of Cassation nullifying the executive seizures submitted by the Kuwaiti M. A. Kharafi & Sons Group against LIA.
LIA’s Head indicated that the Kharafi Group made, in the past years, an executive seizure of the assets of LIA in France, worth one billion and 200 million dollars, to pay off its alleged debts from the Libyan state.
Mahmoud said that LIA had refused to use its funds to pay off these debts, stressing that the money returned to its accounts, and is now under its representation; especially that it is subject to international freezing resolutions.
He added that they are constantly working to review and follow up on the funds to ensure their legal status, stressing that they would not succumb to pressures exerted by some international bodies in order to seize LIA funds.
LIA board member, Mustafa Al-Manea, confirmed the French court's ruling against Kharafi Group and said it would protect Libyan assets abroad as they face every now and then court seizures by some individuals who claim Libya owes them money.