Libya in legal action against African countries on nationalisations

The Libyan Investment Authority has launched legal action against four African states alleging that they took advantage of Libya’s political turmoil to nationalise assets belonging to the $66bn sovereign wealth fund.

Hassan Bouhadi, the LIA’s chairman who was appointed by the internationally recognised Tobruk government in October, said the legal action related to technology assets in Rwanda, Zambia, Chad and Niger, The Financial Times reported on Monday.

“There are some individuals every day that are trying to apply false claims against the assets of the LIA and we have a few incidents where some countries have nationalised some of our assets,” Bouhadi alleged.

The $66bn fund was created in 2006 by Colonel Muammer Gaddafi to invest the proceeds of Libya’s vast oil wealth, but since 2011, its assets have been frozen under international law.