Monday 7 March 2011

FT.com - Confusion clouds Libya’s investment fund

Standing on the roof of a truck, machinegun in hand, Seif al-Islam Gaddafi was encouraging supporters to confront the people rising up against his father, Muammer Gaddafi. “You have the weapons to fight the terrorists,” he says in a scene captured on camera. “You will be victorious.”

This was the same 38-year-old, self-styled refor­mer until recently seen as offering the best chance of a more rational Libya. He was also the man who held the key to the country’s oil wealth and its $65bn Libyan Investment Authority.

But as the Gaddafi regime comes under intensifying pressure, people who have dealt with the LIA now describe an organisation that was as two-faced as Seif Gaddafi.

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