Senior Libyan official arrives in CAR for talks to guarantee Libyan investments
Tripoli, Libya (PANA) - The deputy chairman of the Libyan Presidential Council, Abdallah al-Lafi, has arrived in the Central African (CAR) capital Bangui to sponsor an agreement that guarantees the preservation of Libyan investments in the Central African country.
A statement issued by the Presidential Council on Tuesday said Mr. al-Lafi is on a 24-hour visit to Bangui accompanied by the Minister of Youth and the chairman of the board of directors of the Libyan Investment Company in Africa (LAICO), to sponsor an agreement that guarantees the preservation of Libyan investments.
The mortgage on assets of LAICO in CAR has been lifted, a source at the Libyan Investment Authority (LIA) told the Libyan news portal "Bawabat Al-Wasat" on Tuesday, saying that the matter has been settled and the mortgage has been transferred to the Libyan state.
The case dates back to the end of January this year when LAICO referred to a decision in the CAR to confiscate the assets of Libya, accusing a seconded employee of failing to hand over the company's management functions at the end of his secondment period.
He was accused of seizing its management and being involved in illegal practices and taking decisions violating labour laws and regulations, and taking advantage of the climate of political and administrative division that affected Libyan state institutions from 2016 to 2018.
LAICO claims to own a five-star hotel, two residential buildings and land in CAR obtained by the Libyan state in exchange for loans under an agreement signed between the two countries in 2007 to protect and encourage investment.
-0- PANA BY/JSG/BBA/MA 10May2023
