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Leico responds to Libya asset forfeiture announcement in Central Africa

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Yesterday, on Saturday, the Libyan African Investment Company (LICO) published a clarification regarding the announcement of the confiscation of assets of the Libyan state in Central Africa and their sale at public auction.

In a statement, the company said it owns a five-star hotel, two residences and a piece of land in Central Africa received by the Libyan state in exchange for loans provided to the African state under an agreement signed between the two countries in 2007. to protect and encourage investment.

The statement accused an employee seconded to the Central African company Leico of abstaining from transferring managerial responsibilities to the company at the end of his posting period, seizing control of the company, engaging in illegal activities and making decisions contrary to the laws and regulations governing the work. , taking advantage of the climate of political and administrative division that affected Libyan state institutions between 2016 and 2018.

The statement tracked abuses committed by a former employee using his “influence and suspicious relationship” with the Central African state, as well as making “suspicious agreements” with powerful individuals in the Central African state and using investment income to buy their debts and pursue personal interests that provide its continued existence and involve the company in huge high-risk liabilities to suppliers, commercial opponents and banks.

Libyan Investment Authority media adviser Luay Al-Kariou noted that Laiko has taken many steps to protect Libya’s investment in Africa, including filing a complaint against the former director with the Attorney General’s Office in 2019, which led to the issuance of a red card by the international police.” Interpol”.

Al-Qariou added that the announcement of the confiscation of Libyan assets was the result of a convergence of interests between the former seconded director and some influential people in Central Africa, in particular in the Ministry of Justice, accusing local authorities of complicity with him. continuing to recognize him and provide him with security protection, despite the measures taken by the Libyan state.

Al-Kariou stressed that LIKO continues to protect the assets of the Libyan state in Central Africa and is working to restore them to their proper status under the Investment Protection and Promotion Agreement, similar to the procedures under which assets and other property were found in Tanzania, Guinea, the Gambia and Senegal, and the Libyan sovereign authorities were called to play their allotted role in protecting the country’s assets and investments abroad.

Source: Libyan portal “Al-Wasat”.

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