Tripoli: The Libyan Investment Authority (LIA) celebrated the receipt of an external auditor’s report on the financial statements of its long-term investment portfolio. The ceremony marked a significant milestone in the organization’s efforts to enhance transparency and align with international standards.
According to Libyan News Agency, the event was attended by key figures, including Abdul Hamid Dabaiba, Prime Minister of the Government of National Unity and Chairman of the LIA’s Board of Trustees, members of the LIA’s Board of Directors, members of the portfolio’s Board of Directors, representatives from its subsidiaries, and EY International representatives. During the ceremony, Dabaiba highlighted the importance of this achievement, which has garnered international commendation from the UN Security Council for the LIA Group’s improved governance and transparency.
Ali Mahmoud Hassan, Chairman and CEO of the LIA, remarked that the audited statements by EY represent a pivotal step towards supporting partnerships and attracting investments. He emphasized that this reflects LIA’s commitment to governance and accountability, further solidifying its standing in the global investment community.
Abdulfattah Ghaffar, Chairman of the Board of Directors and Executive Director of the Long-Term Investment Portfolio, noted that the preparation of financial statements adhering to international standards for the first time is a noteworthy achievement, accomplished despite numerous challenges. He mentioned that efforts are ongoing to complete the audit of the financial statements by the end of 2024.
The ceremony also featured a presentation by EY on the audited financial statements, followed by a technical discussion focused on audit and compliance methodologies. This development is part of an integrated strategic vision to enhance transparency and governance, reinforcing the institution’s position among the world’s leading sovereign wealth funds.