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The $66 billion Libyan Investment Authority (LIA) has long been
hobbled by a leadership dispute, reflecting the divided nature
of the country.
Shamekh, who has held a number of senior positions in Libya,
including chief executive of Libya Oil Holdings and TAMOIL
Africa Holdings, was appointed chief executive of the LIA in
August 2016 by authorities in the east of the country.
In an interview with Reuters in March 2017, Shamekh said he had
been working hard "since day one" to unite the LIA.
But in July 2017, the U.N.-backed Government of National Accord
(GNA) in Libya appointed a board of trustees and board of
directors for the fund. The board of directors is headed by Ali
Mahmoud Hassan Mohamed.
The GNA's Steering Committee for the fund, set up the previous
year, had been challenged by AbdulMagid Breish, who was
appointed LIA chairman in Tripoli in 2013.
In his statement, Shamekh said that since his appointment he had
made continuous appeals emphasizing the importance of uniting
the LIA and keeping it free from political divisions and
tensions.
"We have constantly warned that this division poses great
threats over the LIA's funds and its administrative and legal
position," he said.
Despite his attempts, divisions within Libya had made it
impossible to implement a viable program to protect and enhance
the LIA's assets, he added.
"In such circumstances, I find myself compelled to resign from
my position as chief executive officer of the Libyan Investment
Authority," he said. He also reiterated his warning regarding
the risks facing the LIA's funds and assets if there was no
unity within the LIA.
(Reporting by Claire Milhench; Editing by Alison Williams)
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