The Libyan Investment Authority (LIA) issued an official statement in response to the report of the UN Security Council's Panel of Experts on Libya, stressing that the report contains inaccurate information and fundamental errors that require correction.
LIA explained that the powers of the Panel of Experts are limited to providing non-binding recommendations, noting that some paragraphs in the report contain fallacies and lack impartiality. It indicated that it had officially responded to the report via a letter addressed to the Chairman of the Special Committee on Libya, expressing its reservations about some of the contents that it described as "incorrect".
LIA also welcomed the recommendations that it described as "positive" in the report, including the reinvestment of its assets while remaining frozen, which it considered a reflection of the Security Council's confidence in its commitment to transparency and governance standards.
LIA noted its efforts to enhance transparency and protect its assets, referring to its cooperation with international auditing firms to prepare unified financial statements in accordance with international standards. It demanded a review of the methodology of the Panel of Experts, expressing its complete rejection of the incorrect data contained in the report, and called for a deeper understanding of its role and efforts in protecting Libyan assets.
Prime Minister Abdul Hamid Dbeibah sent a letter to the Libyan Investment Authority to refute what was stated in the report of the team of experts, stating this to public opinion within 3 days from its date.
The Panel of Experts' report revealed that LIA's plan lacked transparency and comprehensiveness due to the absence of the latest available data, its duplication, and its inconsistency, in addition to the misuse and mismanagement of the frozen assets.
The report also documented that some of the depository banks of LIA and some of the entities responsible for managing the assets did not submit regular reports on the frozen funds held by them, nor did they pay due amounts and as well as payments due on these funds, nor do they transfer interest income.
