Dispute over control of $65bn Libya fund - FT.com

A dispute has erupted over control of Libya’s $65bn sovereign wealth fund, as the national transitional council attempts to maintain stability in the oil-rich nation.

Several NTC members have contested the authority of Mahmoud Badi, who is probing corruption at the Libyan Investment Authority.

Albudery Shariha, who was appointed senior director in the LIA’s legal department in July 2009, told the FT that Mohamed Layas would remain in charge of the fund. Mr Layas was chairman of the LIA before the revolution when it was controlled by Seif al-Islam, one of Colonel Muammer Gaddafi’s sons.

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