Libya Looks To Recover Overseas Cash

Libya’s sovereign wealth fund, the Libyan Investment Authority (LIA), has launched legal action against four African states as part of a broader effort by the Libyan state to recover funds that it believes have been wrongfully frozen or appropriated by foreign countries, companies and individuals.

Former dictator Mu’ammar al-Qadhafi, in his more grandiose moments, considered himself as the leader of Africa (having been shunned by the Arab world). Rather than focus on economic returns, the LIA was often used as a tool to distribute his largesse with the aim of garnering support. Post-Qadhafi’s 2011 downfall this has left the LIA with a haphazard portfolio of investments across more than two dozen African countries, mainly in the telecoms, agriculture, mining and hotel sectors. (CONTINUED - 2070 WORDS)