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Business Matters: Power Struggle Over Libya's Sovereign Wealth

Libyan protestors in downtown Tripoli

20/08/2015

Power Struggle Over Libya's Sovereign Wealth

BBC World Service - Business Matters, Power Struggle Over Libya's Sovereign Wealth

One of the two men claiming to run the Libyan Investment Authority puts his case.

Ten days ago Abd-al-Magid Breish told us he is rightful chairman of the Libyan Investment Authority. Hassan Bouhadi - the other man claiming the title - puts forward his case.

Libya is a country divided in many complex ways. There are two rival governments - one based in Tripoli, the other in the eastern town of Tobruk - as well as a variety of regionally and ethnically based militias. This complexity extends to Libya's sovereign wealth fund - which is worth around $67bn. It's administered by the Libyan Investment Authority - but the LIA itself is divided. Ten days ago, Business Matters spoke to Abd-al-Magid Breish, who said he is the organisation's rightful chairman. Today we hear the rival claim from Hassan Bouhadi - the man appointed chairman by the LIA's board of trustees in October.

Almost one trillion dollars have been pulled out of emerging markets in a little over a year, according to new research. The report, from NN Investment Partners, blames a mixture of slowing growth, political tensions and currency weakness. We speak to author of the report, Maarten Jan Bakkum and hear views from Colombia and South Africa.

Can a better trade relationship between India and Pakistan help improve security? This coming weekend, top security officials from both sides are scheduled to meet. We asked Michael Kugelman, Senior Associate for South Asia at the Woodrow Wilson Center in Washington DC, to assess the Indo-Pak relationship.

All this and more, including Uber's challenges in India and the resurgence of the magazine trade.

We're joined by guests on either side of the Pacific: Brian Czech of the Center for the Advancement of the Steady State Economy in Washington DC and Nisid Hajari, Asia Editor for Bloomberg View in Singapore.

(Photo: Libyan protesters at a demonstration in downtown Tripoli in May 2015. Credit: Mahmud Turkia, Getty Images)

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