Ajdabiya, Libya – The Court of First Instance in Ajdabiya has ordered the imposition of judicial custodianship over the Libyan Investment Authority (LIA), its funds, revenues, and balances held at the Central Bank of Libya, the Libyan Foreign Bank, and all other foreign banks.
The court has appointed the certified accountant Khaled Abujwad and the legal expert Salem Al-Kadiki as judicial custodians over the LIA’s funds, assets, and revenues, granting them the authority to seek assistance in carrying out their duties.
This decision comes in response to measures and requests submitted by the Libyan government appointed by the House of Representatives, which has been actively working to preserve and safeguard public funds. On Wednesday, April 9, 2024, Warrant Order No. 9 of 2024 was issued, establishing the judicial custodianship.
The order was prompted by allegations of transgressions, violations, and financial embezzlement committed by the outgoing Prime Minister of the Government of National Unity, Abdel Hamid Dbeibeh, who had reportedly usurped the position and title of the Chairman of the Board of Trustees of the LIA.
Given that the Libyan Government, led by the House of Representatives, holds the legal responsibility for the LIA, it has taken these steps to address the reported abuse and corruption within the institution. The judiciary has played a crucial role in this process, issuing the Warrant Order to ensure the proper management and protection of the LIA’s assets.