UNSC Sanctions Committee confirms ‘‘preserving the integrity and value of Libyan frozen assets meant for the benefit of the Libyan people’’

The Libyan Investment Authority (LIA) reaffirmed that the UN Security Council Sanctions Committee had re-emphasised that that it is ‘‘preserving the integrity and value of Libyan frozen assets meant for the benefit of the Libyan people.’’

The assurance came after the LIA had held a meeting with the UNSC Sanctions Committee in New York in December last year.

The LIA said these were ‘‘Among the outcomes of the meeting’’ but did not reveal any other information.

Libya has been trying for years to get the UN to allow it to at least reinvest some of the LIA’s poorly performing portfolios – without giving it full control over the frozen assets. So far the UN has not succumbed to this request.

Here is the full script of the UN on the December 2021 meeting with the LIA:

”Security Council Committee on Libya Meets with Libyan Investment Authority, 16 December

On 16 December 2021, the Security Council Committee established pursuant to resolution 1970 (2011) concerning Libya met with a delegation from the Libyan Investment Authority, an entity subject to the assets freeze measures imposed in resolutions 1970 (2011) and 1973 (2011), as modified by resolution 2009 (2011), to discuss issues related to the assets freeze.  The Committee previously met with the Libyan Investment Authority on 12 September 2019 and 15 December 2020.

The Permanent Representative of the State of Libya, Ambassador Taher M.T. Elsonni, and the Chairman of the Board of Directors and CEO of the Libyan Investment Authority, Dr. Ali Mahmoud Hassen Mohammed briefed the Committee on this occasion.  This was followed by an interactive discussion between Committee members and the invited participants.

Committee members emphasized preserving the integrity and value of the Libyan frozen assets, which are meant for the benefit of the Libyan people.”