Libyan wealth fund asks Britain to halt IRA compensation bill

LONDON: The Tripoli-based head of Libya's sovereign wealth fund has prompt Britain not to pursue a requirement that a few of its $67 billion value of frozen belongings be used to compensate previous sufferers of Irish Republican Army (IRA) assaults.

The plea used to be made by way of Ali Mahmoud Hassan Mohamed, the Chairman and Chief Executive of the Libyan Investment Authority (LIA) appointed by way of Libya's the world over recognised govt, to Britain's Junior Foreign Minister Alistair Burt.

"There is no lawful basis for the United Kingdom to seize or change ownership of the frozen LIA assets. These belong to the Libyan people," Mohamed stated in a letter sent to Burt on Wednesday, a duplicate of which has been noticed by way of Reuters.


"The UN Security Council has likewise ruled that frozen assets, when released, must be used for the benefit of the Libyan people."


Those behind a British parliamentary bill argue that the regime of former Libyan leader Muammar Gaddafi equipped hands to the IRA during the 30-year battle in Northern Ireland which saw over three,600 other people killed and hundreds more injured.


The LIA estimates some nine.five billion pounds' ($12.25 billion) value of its belongings are within the United Kingdom.


Control over the LIA has lengthy been contested by way of rival Libyan factions based in Tripoli and eastern Libya, and the fund used to be compelled to move out of its offices in Libya's capital previous this year because of armed forces drive. ($1 = 0.7754 pounds)
Libyan wealth fund asks Britain to halt IRA compensation bill Libyan wealth fund asks Britain to halt IRA compensation bill Reviewed by kailash soni on October 25, 2018 Rating: 5
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