A source from the Libyan Investment Authority (LIA) has confirmed to Libya Alahrar TV that Britain has lifted receivership on the frozen assets across the United Kingdom.
The source told Libya Alahrar TV Friday that the lifting of the receivership on the LIA’s assets in the UK was carried out as per the terms agreed upon by the LIA representatives and the judiciary.
“This is a very progressive step as it allows the LIA to manage the assets in the UK first hand, though they remain frozen.” The source further explained.
LIA Complains About Assets Loss
LIA said Thursday an independent report had shown that its portfolio could have been worth $4.1 billion more if it had not had to deal with United Nations sanctions over the past decade.
This statement followed a meeting between the sovereign wealth fund, Libya’s mission to the United Nations and the UN Security Council Sanctions Committee for Libya on December 15. The meeting was held to discuss the ongoing sanctions on Libyan assets.
The Deloitte Report
According to the LIA, a recent report compiled by consultancy firm Deloitte concluded there had been “a significant negative impact on the value of the investments held by the LIA and its subsidiaries” as a result of the sanctions.
LIA explained that if sanctions had not been imposed and our equity assets had performed in line with the market, the total value of the portfolio would have been approximately $4.1 billion higher,” citing the Deloitte report.
Another meeting will take place next year between the LIA and the UN sanctions committee where the LIA plans to present its recommendations for ways to make the management of its portfolio easier.