Libya urges UN to act to protect sovereign wealth fund

UNITED NATIONS (AP) — Libya is pressing the United Nations Security Council to take urgent action to allow the managers of its sovereign wealth fund to move money between frozen accounts so the value can be protected and returns can be maximized.

Libya’s U.N. Ambassador Ibrahim Dabbashi told the council on Thursday that he was “surprised” there had been no response to the government’s request last week for an exemption from U.N. sanctions for the Libyan Investment Authority so it can manage frozen assets while they remain under U.N. sanctions.

Without an exemption, Dabbashi said, the council will be responsible “for all the losses recorded by the Libyan body.”

“These are profits that we could have collected to the tune of $2 billion a year,” he said.