December 10, 2015 / 2:52 PM / 4 years ago

Former Gaddafi central bank chief appointed as Libya sovereign fund trustee

LONDON, Dec 9 (Reuters) - Farhat Bengdara, who served as Libya’s central bank governor under the Gaddafi regime, has been appointed as a trustee to the board of the Libyan Investment Authority (LIA), according to a document seen by Reuters.

The document was sent from the cabinet office of the internationally recognised Libyan government.

Bengdara defected to the anti-Gaddafi side during Libya’s civil war. Four years after the fall of Muammar Gaddafi, the country remains divided with two rival parliaments, one in the east and the other in Tripoli.

The LIA is also mired in a long-running power struggle between Hassan Bouhadi, the chairman of the LIA appointed by the government in the east, and AbdulMagid Breish, who claims to have been reinstated as head of the fund by Libya’s Court of Appeal.

The LIA’s assets were valued at around $67 billion at end-December 2012, but a significant proportion of these remain frozen under sanctions imposed by the United Nations Security Council. (Reporting by Claire Milhench and Andy Critchlow Editing by Jeremy Gaunt)

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