be updated . please update this article to reflect recent events or newly available information . december 2012 libyan investment authority type governmental industry sovereign wealth fund founded 2006 headquarters 22nd floor tripoli tower tripoli libya 26 st. barbara bastions valletta malta products fund management oil and gas website http lia.com.mt the libyan investment authority lia is a government managed sovereign wealth fund and holding company headquartered in tripoli libya . it was established on august 28 2006 by decree 208 of the general people s committee of libya gpc 1 after the lifting of economic sanctions that had previously precluded foreign investment in libya . 2 the lia oversees and manages investments in various areas including agriculture real estate infrastructure oil and gas and in shares and bonds . it is africa s largest sovereign wealth fund . 3 the fund is a member of the international forum of sovereign wealth funds and is therefore signed up to the santiago principles on best practice in managing sovereign wealth funds . 4 contents 1 lia leadership 2 lia governance 2.1 board of trustees 2.2 steering committee members 2.3 law no. 13 of 2010 3 activities 3.1 offices 3.2 bp production sharing agreement 3.3 economic and social development fund 3.4 libyan qatari fund 3.5 investment in fortis 3.6 investments in juventus 3.7 investments in equity and currency trades 3.8 assets 3.8.1 assets as of 2010 3.8.2 assets as of 2012 3.8.3 call for lia assets to stay frozen 3.9 claims of mismanagement and misappropriation of funds 3.10 litigations against goldman sachs and soci t g n rale s.a 4 formation of unity government and the lia s support 5 external links 6 references lia leadership edit on 15 august 2016 the presidential council of the government of national accord gna appointed an interim steering committee to temporarily administer and steer the lia . it has the privileges and terms of reference of the board of directors and chairman with a view to safeguard the normal administration of the company . 5 6 the steering committee is chaired by dr. ali mahmoud hassan mohamed . the other members are eng . abdulazeez khaled ali mr. alhadi najimeddin kabar mr. khaled khalifa hassan altaher and mr. ahmed abdullah amar . on 17 august 2016 the governments of france germany italy spain the united kingdom and the united states issued a joint statement welcoming the appointment of the steering committee and underlining the gna to exercise sole and effective oversight of the libyan institutions including the lia . 7 8 abdulmagid breish former bod chairman disputes hassan bouhadi s authority as chairman of the board of directors of the lia . 9 10 11 in 2014 breish stepped down replaced in the interim by abdulrahman ben yezza a former libyan minister for oil and gas pending an inquiry under libya s political and administrative isolation law through decision no. 659 of 2014 until a permanent chairman was put in place . 12 13 14 as of 29 september 2014 when the board of trustees removed mr ben yezza from his role resolution 7 of 29 september 2014 and appointed mr bouhadi as chairman resolution 8 . 15 16 breish appealed against his isolation before the appeal court of tripoli . on 13 april 2015 the libyan court of appeal stated that the political and administrative isolation law did not apply to breish he claims this led to his reinstatement as chairman and ceo of the lia on 18 may 2015 . 17 18 19 however this decision does not reinstate him nor does it suggest that any tenure he may have had in the past be reinstated . mr breish could have sought to be reinstated and made himself available to the board of trustees but he has not yet done so . 20 lia governance edit deeply rooted in the democratic structures of libya the lia is overseen by the libyan government and is managed within strict governance processes accountable to that government . 21 board of trustees edit the board of trustees 22 of lia is mr. fayez saraj chairman prime minister government of national accord dr. fakhir abuferna member minister of finance dr. taher jerhami member minister of planning mr abdelmutalib abufarwa member minister of economy and industry mr saddek elkabir member central bank governor tbd member independent member to be named by gna presidential council tbd member independent member to be named by gna presidential council previous chairmen include muhammad layas the lia s first chairman who had previously been chairman and general manager of the libyan arab foreign bank ; mohsen derregia april 2012 march 2013 who was asked to leave and replaced short term by ali mohamed salem hibri deputy governor of the central bank of libya . 23 steering committee members edit the steering committee is composed of five members including the chairman . the current steering committee members are 24 dr. ali mahmoud hassan mohamed chairman eng . abdulazeez khaled ali member mr. alhadi najimeddin kabar member mr. khaled khalifa hassan altaher member mr. ahmed abdullah amar member law no. 13 of 2010 edit the lia is deeply embedded within democratic structures of libya and it mandate is defined by law 13 which became statute in 2010 . 25 law no. 13 of 2010 sets out the lia s continuing mandate . the libyan investment authority lia was established in 2006 and is regulated under law no. 13 of 2010 law no. 13 which continues to be in full force and effect as a matter of libyan law . under law no. 13 the lia is composed of a. the board of trustees being the ultimate governance body with oversight and control of the lia . the board of trustees comprises the prime minister as chairman ; the ministers for planning finance economy and trade ; the governor of the central bank of libya ; and a number of experts . this structure was established by decree no. 2 of 2014 the council of ministers the executive branch of the libyan government appointed in accordance with the governmental mandate of the elected house of representatives . 25 b. the board of directors being the competent body to oversee the management of the lia articles 10 and 11 of law no. 13 . the lia board of directors is to be made up of seven members including a chairman . they must be appointed by resolution of the board of trustees . the board of directors oversees three subcommittees nomination & compensation governance and audit & risk committee each of which have an agreed mandate of responsibilities and undertake frequent reporting back to the board of directors . the board of directors frequently report to the board of trustees . 25 activities edit the lia was established in august 2006 to manage libya s mounting oil revenue surplus . the lia now counts the assets of the libyan foreign investment company lafico established in 1982 and oilinvest founded in 1988 in its portfolio . the value of the lia is widely quoted as 70 billion 1 but the lia s september 2010 management information report valued its own investment portfolio at 64 billion 26 and the wall street journal quoted a value of 53 billion in june 2010 . 27 offices edit the lia is headquartered in tripoli . bp production sharing agreement edit on may 29 2007 during a visit to muammar gaddafi by british prime minister tony blair british petroleum bp signed a 900 million exploration and production agreement with the libyan national oil company . the agreement which will likely involve an estimated usd 2 billion in investment covers three massive largely unexplored tracts . the noc signed the agreement with the lia as bp s 15 % partner in a production sharing agreement psa . 28 economic and social development fund edit the lia also manages the economic and social development fund esdf . established in february 2006 the esdf manages substantial assets in libya across a number of sectors to benefit libya s poor . the lia s share in bp s psa provides a direct conduit via which oil wealth can be recycled . however some libya experts believe that the presence of two state owned companies in bp s deal reflects divisions and tensions at the executive level in libya particularly over who controls the oil wealth . libyan qatari fund edit during august 2007 lia agreed to establish a libyan qatari joint investment fund for 2 billion equally with the qatar investment corporation qic . also the general people s congress secretary signed two agreements in doha on july 2007 to establish a libyan qatari bank between qic and the central bank of libya . an agreement was also signed to establish a joint company for real estate development between al diar real estate investment company qatar and the libyan arab foreign investment company . 29 investment in fortis edit in july 2008 the lia bought a share in the dutch belgian bank of fortis which needed additional funds to maintain solvency . the lia did not confirm the investment since they were not required by dutch or belgian law to do so . however later that week the dutch minister of finance wouter bos admitted that the situation had his attention as well as that of the dutch central bank considering previous libyan involvement in international terrorism . 30 investments in juventus edit as of june 2010 lafico held 7.5 % of the total shares of italian football club juventus . 31 investments in equity and currency trades edit between january and june 2008 the lia paid 1.3 billion for options on a basket of currencies and options on six stocks citigroup inc. unicredit spa banco santander allianz lectricit de france and eni spa via goldman sachs . by february 2010 the value of these investments was 0.025 billion a 98 % loss . 27 assets edit assets as of 2010 edit in may 2011 the washington post detailed the holdings of the lia . despite a severe lack of transparency the lia saw an astonishing influx of foreign investment after libya was removed from the u.s. s list of state sponsors of terrorism in 2006 thereby lifting previously imposed economic sanctions . 2 the post reported that investment in libya occurred with encouragement from u.s. officials who wanted to reward gaddafi for pledging to honor international law disavow terrorism and compensate relatives of victims of the pan am flight 103 bombing 2 sanctions are powerful because of our ability to leverage the u.s. financial system . immediate access to the u.s. and western investment upon the removal of sanctions is the ultimate carrot ... that carrot is what compels sanctioned narcotics traffickers proliferators and supporters of terrorism to change their behavior and stop engaging in the illicit conduct that got them cut off from the united states . unnamed senior u.s. official the washington post 25 may 2011 2 as of q1 of 2010 the lia held approximately us 56 billion in assets around the world broken down as follows 32 22 billion cash and deposits mostly gold reserves in the central bank of libya with a small amount held by other banks including hsbc and goldman sachs . 16.8 billion subsidiary companies owned by the fund including oil invest . 6 billion equities in companies including ge at & t citigroup and juventus 3.8 billion alternatives including investments with j.p. morgan lehman brothers and the carlyle group . 3.2 billion bonds including u.s. treasuries . 4.2 billion other assets . by may 2011 u.s. regulators had frozen 37 billion of the lia s assets there including 29 billion in a single bank . the head of the london school of economics resigned after it was revealed that he had served as an informal adviser to the lia and accepted a donation from the fund to the