Libyan wealth fund to hire auditors in push to unfreeze assets
London — Libya’s sovereign wealth fund will appoint auditors within weeks and conclude a wide-ranging examination of its assets by 2019 as part of its efforts to get billions of dollars of assets unfrozen, the fund’s head says. Ali Mahmoud Hassan Mohamed, the chairperson and chief executive of the Libyan Investment Authority (LIA), said financial auditing and consulting company PriceWaterhouseCoopers (PwC) was one of the firms the fund was considering. About 70% of the LIA's $67bn worth of assets have been frozen under UN sanctions since the toppling of veteran ruler Muammar Gaddafi in 2011 pushed the country into turmoil. UN diplomats say they want to see a stable government in Libya before relaxing the sanctions. “We want to strengthen the trust of the international community in the LIA. We are cooperating with the UN and adhering to their sanctions,” Mohamed said in an interview in London. “We are making reforms from top to bottom and carrying out an audit that can be used by the...
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