Libyan Investment Authority appoints Mustafa Al-Manea as new member

The board of directors of the Libyan Investment Authority (LIA) has appointed Mustafa Al-Manea as a new member.

Al-Manea comes from Ghadames. He was born in Benghazi but has been living in Tripoli. He’s a law school graduate from Garyounis University in Benghazi.

The new appointee has several qualifications that make him fit for the new LIA vacancy.

Meanwhile, the Libyan Office of Public Prosecutor in Tripoli issued an arrest warrant of the Chairman of the Libyan Investment Authority (LIA) Dr. Ali Mahmoud Hassan Mohamed.

Sources from the office reported on February 05 that Ali Mahmoud was detained and placed at the Special Deterrence Force-run Rehabilitation Prison in Tripoli’s Mitiga airport over financial corruption and embezzlement.

The LIA was established by government decree in August 2006 after the end of economic sanctions previously precluding foreign investment in Libya.

The LIA’s primary role is to manage the value of Libya’s oil revenues and diversify its revenue streams as well as its dependence on national income. The LIA is a holding company that manages government investments from the oil and gas industry and other areas of the international finance market.

The LIA oversees the assets of the Libyan Arab Foreign Investment Company and also manages investment in other areas including real estate, agriculture, shares and bonds, infrastructure and oil and gas. The Libyan Investment Authority is Africa’s largest sovereign wealth fund and is a member of the International Forum of Sovereign Wealth Funds.