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The Tripoli faction has hired law firm Stephenson Harwood and appointed Abdulmagid Breish as LIA chairman.
He also hopes that the lawsuits may “shed some light into some practices” within the wider banking industry. However, the success of its high stakes litigation was thrown into serious doubt this year because of the rival factions in Libya’s bitter civil war. Four years after the fall of Muammer Gaddafi, the country has two rival governments battling for control and is split between Islamists in Tripoli with the internationally recognised government based in Tobruk. Each government has appointed officials at state agencies including the National Oil Corporation and the LIA itself. Bouhadi was appointed by the Tobruk government, but Tripoli-based Abdulmagid Breish also claims to be LIA chairman.