Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
Abdel-Magid Breish, the chairman of Libya's $66 billion sovereign wealth fund, said it planned to hire external companies to manage about $11 billion of its assets under a restructuring plan.The Libyan Investment Authority, valued at about $66 billion by Deloitte LLP, will split its assets into three distinct funds starting as soon as next year, Breish said in an interview in London Thursday. The LIA is suing Societe Generale SA and Goldman Sachs Group Inc. in the U.K. for a total of about $2.5 billion over investments that lost as much as 80 percent.Breish, a Libyan national, spent some 30 years at Arab Banking Corp., rising to deputy chief executive officer, before joining the LIA in 2013 .The LIA directly owns about 550 companies, making up about half its assets, he said.
FOLLOW THIS ARTICLE