London Court Says Libyan Investment Authority Board Is Legal

London Court Says Libyan Investment Authority Board Is Legal
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London Court Says Libyan Investment Authority Board Is Legal

London Court Says Libyan Investment Authority Board Is Legal

A London court of appeals has ruled that the current board of directors of the Libyan Investment Authority (LIA) and the decisions of the Presidential Council of the Government of National Accord about LIA are legal.

LIA, the war-torn country’s sovereign wealth fund, said in a statement on Friday that it would take measures to remove the judicial guardianship and to tackle the tasks and assets under its authority, in addition to finishing the legal representation procedures at state financial institutions.

It also said that the British court had rejected altogether the allegations of the parallel parties that claimed legitimacy to represent the LIA.

LIA called for lifting the judicial guardianship of assets so that it can operate with and develop those assets as per the laws and the current sanctions system.

The fund was first hit by an asset freeze in 2011, via a United Nations Security Council resolution and those restrictions remain in place on most of its assets outside Libya.

The investment fund has tried in the past to persuade the UN to change its sanctions, including in 2017. In November last year, Libya’s foreign affairs minister Mohamed Siala outlined the problems the LIA faced because of sanctions, in comments to the UN Security Council. “We hope that the council will take the measures necessary to address the negative consequences of the sanctions regime as soon as possible,” he said.

While the majority of the LIA’s funds are subject to the UN asset freeze, just how much is involved is a matter of speculation. The last proper evaluation of the LIA’s portfolio was completed in 2012, a year after the late dictator Muammar Gaddafi was ousted from power. At the time, the LIA said it had $67bn in assets, most of which was in shares and bank deposits.

The US-based Sovereign Wealth Fund Institute now puts the LIA’s assets at $60bn, but the LIA itself is not sure.

Last March, British Commercial Court ruled for recognition of Ali Mahmoud Hassan as the legal Director of LIA.



High Risk of Famine Persists Across Gaza, Global Hunger Monitor Says 

Men and children search through debris in the yard of the Asma school run by the UN Relief and Works Agency for Palestine Refugees (UNRWA), in the Shati camp for Palestinian refugees west of Gaza City, in the aftermath of overnight Israeli bombardment on June 25, 2024 amid the ongoing conflict in the Palestinian territory between Israel and Hamas. (AFP)
Men and children search through debris in the yard of the Asma school run by the UN Relief and Works Agency for Palestine Refugees (UNRWA), in the Shati camp for Palestinian refugees west of Gaza City, in the aftermath of overnight Israeli bombardment on June 25, 2024 amid the ongoing conflict in the Palestinian territory between Israel and Hamas. (AFP)
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High Risk of Famine Persists Across Gaza, Global Hunger Monitor Says 

Men and children search through debris in the yard of the Asma school run by the UN Relief and Works Agency for Palestine Refugees (UNRWA), in the Shati camp for Palestinian refugees west of Gaza City, in the aftermath of overnight Israeli bombardment on June 25, 2024 amid the ongoing conflict in the Palestinian territory between Israel and Hamas. (AFP)
Men and children search through debris in the yard of the Asma school run by the UN Relief and Works Agency for Palestine Refugees (UNRWA), in the Shati camp for Palestinian refugees west of Gaza City, in the aftermath of overnight Israeli bombardment on June 25, 2024 amid the ongoing conflict in the Palestinian territory between Israel and Hamas. (AFP)

A high risk of famine persists across the whole of the Gaza Strip as long as conflict between Israel and Hamas continues and humanitarian access remains restricted, a global hunger monitor said on Tuesday.

Over 495,000 people, or more than one fifth of Gaza's population, are facing the most severe, catastrophic level of food insecurity, said an update from the Integrated Food Security Phase Classification (IPC).

The IPC said increased deliveries of food and nutrition services to northern Gaza in March and April appeared to have reduced the severity of hunger in the area, where the UN-backed body had previously projected that famine was likely.

But Israel's offensive around the southern city of Rafah from early May and other hostilities and displacement have led to a renewed deterioration in recent weeks, it added.

"The humanitarian space in the Gaza Strip continues to shrink and the ability to safely deliver assistance to populations is dwindling. The recent trajectory is negative and highly unstable," the report said.

The Rafah offensive led to the closure of the crossing on Gaza's border with Egypt, which had been a main route for the delivery of food and other supplies, as well as an evacuation point for civilians who were critically ill or injured.

This factor, along with disruptions at the nearby Israeli crossing of Kerem Shalom, reduced humanitarian access to two million people in southern Gaza, the IPC said.

Within Gaza, displacement to areas with less water and fewer health services "increases the risk of disease outbreaks, which would have catastrophic effects on the nutritional and health status of large segments of the population", it said.

Israel's military campaign in Gaza was launched after Hamas-led fighters raided southern Israel on Oct. 7, killing around 1,200 people and seizing more than 250 hostages, according to Israeli tallies.

The Israeli response has killed almost 37,600 people, according to Palestinian health authorities, leaving Gaza in ruins and repeatedly displacing much of its population within the blockaded coastal territory.