Tripoli, 5 November 2012. Dr. Mohsen Derregia, Chairman of the Libyan Investment Authority (“LIA”), announced that the Fourth Criminal Section of the Rome Court of Appeals today ordered the release from judicial seizure of LIA’s equity stakes in UniCredit S.p.A. and Finmeccanica S.p.A.
Together with the earlier release of LIA’s equity interest in Eni S.p.A. that was achieved in July, today’s judicial order means that the entirety of LIA’s investment portfolio in Italy has now been returned to its full control. The assets were seized by the Italian judicial authorities in March 2012 following a request by the International Criminal Court in the Hague.
Dr. Derregia commented: “I am very pleased with this result, which brings more than 1 billion € in Libyan State assets back under the full control of the democratically elected Government of Libya on behalf of the Libyan people, and I thank the Committee on Financial Security of the Italian Ministry of Economy and Finance for its support in helping to resolve this issue. Today’s court order represents a major milestone for LIA and gives new impetus to our ongoing asset tracing and asset recovery efforts all around the world. I am also pleased that LIA can once again focus in an active way on its investment portfolio in Italy.” LIA thanks its legal counsel Michael Bosco of DLA Piper, Avv. Fabrizio Petrucci of Carnelutti Studio Legale Associato and Avv. Ulisse Corea of Studio Marini for their assistance in bringing this matter to a successful conclusion.
The Libyan Investment Authority (“LIA”) is Libya’s sovereign wealth fund and is the agency of the Libyan Government charged with managing a portion of Libya’s revenues from oil and gas production on behalf of future generations.
LIA was established in 2006 and currently manages approximately US$ 60 billion in assets both directly and through its 100% owned subsidiaries: the Libyan Arab Foreign Investment Company (“LAFICO”), the Libyan African Portfolio (“LAP”), Oil Invest (Tamoil) and the Long Term Portfolio.
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