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Country Report Libya Product Image

Country Report Libya

  • ID: 2101513
  • May 2015
  • Region: Libya
  • 25 Pages
  • The Economist Intelligence Unit

A dispute over the leadership of Libya's sovereign wealth fund, the Libyan Investment Authority (LIA), is to be settled in a UK court, after the ousted chairman, Abdulrahman Benyezza, sought to reassert his claim to head the organisation.

Mr Benyezza was ousted from the LIA by the internationally recognised government in Bayda in October 2014 and replaced by Hassan Bouhadi. This is not the first change of leadership in the LIA since the 2011 uprising. Mr Benyezza himself replaced Abdelmegid Breish as acting chairman of the fund in July 2014 under the political isolation law, which precludes senior associates of the former leader, Muammar Qadhafi, from high office.

The dispute is yet another aspect of the administrative chaos into which Libya has been plunged by the competing interests of rival governments in Tripoli and Bayda. The two governments also recognise different heads of the Central Bank of Libya (CBL) and the National Oil Corporation. The latter has seen oil production drop to an average of 540,000 barrels/day-one-third of the 2010 output level-between July 2014, when the rival Islamist government was declared in Tripoli, and March 2015.

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Country Report Libya

Legal dispute emerges over sovereign wealth fund leadership
Impact on the forecast

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Note: Product cover images may vary from those shown


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