Libya sovereign wealth fund head axed

2013-02-28 18:33
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Tripoli - Libya will replace the head of its sovereign wealth fund, Mohsen Derregia, after the government deemed his performance unsatisfactory, Prime Minister Ali Zeidan said on Thursday.

Speaking at a news conference, Zeidan said deputy central bank governor Ali Mohammed Salem Hebri would temporarily take charge of the Libyan Investment Authority (LIA) until a permanent replacement was found.

"The head of the LIA will be changed. This is the government's policy. Whoever cannot do their job properly will be replaced," Zeidan said.

He added senior LIA officials would meet in coming days to appoint a permanent replacement.

Derregia was appointed LIA chair in April, taking charge after the 2011 urprising ousted dictator Muammar Gaddafi. He was not immediately reachable for comment

Set up in 2006 to manage the North African country's oil dollars, Libya's sovereign wealth fund has assets of around $60bn, mixed between shares, bonds, other financial products and holdings in subsidiaries.

Its assets were temporarily frozen during the 2011 war, and since then a new management has taken over and sought their release. The LIA has stakes in Italian bank Unicredit as well as oil and gas group Eni.

Zeidan also told reporters he had a met a team from the International Monetary Fund (IMF) visiting Tripoli and that Libya would seek the IMF's advice on its budget as well as domestic and foreign investment.

Read more on:    ali zeidan  |  libya  |  north africa

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