Libya requests U.N. sanctions exemption for sovereign wealth fund | Reuters

Libya requests U.N. sanctions exemption for sovereign wealth fund | Reuters:

"Libya is asking the U.N. Security Council to approve a sanctions exemption for its blacklisted sovereign wealth fund to halt billion-dollar losses caused by ineffective management of frozen assets, according to a letter released on Wednesday.

The letter from Libya's ambassador to the United Nations, Ibrahim Dabbashi, said the losses incurred at the Libyan Investment Authority (LIA) are the result of U.N. sanctions imposed in 2011 to prevent the government of former leader Muammar Gaddafi from spiriting away the country's wealth.

"The LIA estimates that in 2014 alone, instead of increasing the value of its assets base, it had real losses of $721 million," Dabbashi said."



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