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Libyan Investment succeeds in lifting the latest judicial seizures on its assets in France.

Pulbished on:

Tripoli, November 26, 2023 (LANA) - The Libyan Investment Authority announced its success in lifting the last judicial seizures on the institution’s assets in France, for the first time since 2013.

The Foundation confirmed in a statement that it had succeeded in lifting the latest judicial seizures that were imposed on its assets by international parties and companies seeking to use the Foundation’s funds and assets to pay alleged debts on some Libyan state entities.

The Foundation said that it confronted these seizures before the European courts and refused to use its funds to implement them. As a culmination of these efforts, the Paris Court of Appeal ruled to invalidate the last of these seizures according to the two rulings issued on 11/16/2023 and 11/23/2023.

The Foundation explained in its statement that, for the first time since 2013, there are no judicial seizures on the Libyan Investment Corporation’s assets in France, noting that this confirms the Foundation’s success in the strategy of preserving and protecting its assets that it is pursuing, and reinforces its keenness on its independence as a sovereign fund that manages its money for the benefit of the Libyan people. 

The Foundation announced the beginning of the second phase of international arbitration procedures with the State of Belgium regarding the seizure imposed by the Belgian authorities on the Foundation’s assets and funds in Belgium in violation of the Investment Promotion and Protection Agreement concluded between the two countries, according to the text of the statement.

The Foundation welcomed the issuance of UN Security Council Resolution No. (2701) of 2023, which confirmed the readiness of the UN Security Council to consider introducing amendments to the asset freeze measures, including allowing the Foundation to reinvest the assets subject to the freeze in order to preserve their value.

The Foundation confirmed that it will present “during the coming period its investment plan for reinvesting its assets in a way that ensures the preservation of their value to the UN Security Council in coordination with the Board of Trustees.”

...(LANA) ....

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