One of the would-be chairmen of Libya's $67 billion sovereign wealth fund said Monday that it would be wrong to unfreeze the fund's assets following last week's agreement to form a national unity government. AbdulMagid Breish, one of two rival chairmen of the Libyan Investment Authority (LIA), said that while negotiations on forming the government continue, it was "imperative" the LIA's assets remained frozen to safeguard them against the threat of "misappropriation and corruption". About 85 percent of the fund's assets have been frozen since 2011 under sanctions imposed by the United Nations Security Council. Delegates from Libya's warring factions last week signed a U.N.-brokered agreement to form a national unity government. Libya remains divided between two rival parliaments. The LIA is also mired in a long-running power struggle between Breish, who claims to have been reinstated as head of the fund following a decision by Libya's Court of Appeal and Hassan Bouhadi, appointed by the government in the east. "It would be dangerous, and deeply counter-productive, to let the prospect of peace provide an excuse for unfreezing any of the LIA's assets," Breish said in a statement. "The international community, alongside and in support of all Libya's independent institutions, must remain highly vigilant to ensure that our country's wealth is preserved for all its people," he added. Representatives of Bouhadi did not immediately respond to emails and calls from Reuters.
