HEAD OF LIBYA’S SOVEREIGN WEALTH FUND DETAINED ON CORRUPTION SUSPICIONS

On 8 February, Asharq Al-Awsat reported that Libyan security forces arrested on Wednesday chairman of the sovereign wealth fund, Ali Mahmoud Hassan Mohamed, on for possible “corruption and exploitation of (his) position”.  Libyan Investment Authority (LIA), established in order to oversee oil revenues, manages the sovereign fund holds about $66 billion-worth of mostly frozen assets under UN sanctions imposed in 2011 when Gaddafi was toppled.

https://aawsat.com/english/home/article/1581751/head-libya’s-sovereign-wealth-fund-detained-corruption-suspicions

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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