Libya’s sovereign wealth fund chairman detained — official

The chairman of Libya’s LIA sovereign wealth fund, Ali Mahmoud Hassan Mohamed, on Wednesday has been arrested and detained.

Mohammed was detained for an investigation into alleged “corruption and exploitation of (his) position,” an official in the attorney-general’s office said.

The LIA said in a statement it was confident he would be proved innocent.

Mohamed was appointed by the U.N.-backed government in Tripoli. A rival government operates in Eastern Libya.

The official in the attorney-general’s office said Mohamed was being interrogated, declining further comment. Mohamed could not be reached for comment.

The LIA holds about $66 billion-worth of mostly frozen assets under United Nations sanctions imposed in 2011 when veteran ruler Muammar Gaddafi was toppled in a NATO-backed uprising.(Reuters/NAN)