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Ali Mahmoud announces the victory of the Libyan Investment Authority in court against the Kuwaiti M. A. Kharafi & Sons Company
The Chairman of the Board of Directors of the Libyan Investment Authority, Ali Mahmoud, announced the victory of the institution in court against the Kuwaiti M. A. Kharafi & Sons Company, which, during the past years, made an executive seizure of the assets of the institution in France, with a value of one billion and 200 million dollars, through which M. A. Kharafi & Sons Company seeks to pay off an alleged debt to the Libyan state. The Libyan Investment Authority confronted the M. A. Kharafi & Sons Company’s attempt and refused to use the institution’s funds to pay these debts, and these efforts culminated in the issuance of a court ruling by the French Monetary Court in favor of the institution.
This ruling also invalidated the executive seizures submitted by the M. A. Kharafi & Sons Company against the assets of the Libyan Investment Authority, as the funds were returned to the institution, and it became in control of its funds and has the representative right to these funds, and the funds are subject to international freezing decisions, and works to review and match these funds and ensure its situation.