Dismissed head of Libya sovereign wealth fund stays put
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Thu Feb 28, 2013 2:03pm EST(Adds LIA chairman quotes)By Ali Shuaib and Marie-Louise GumuchianFeb 28 (Reuters) - The head of Libya's sovereign wealth fund said he would remain in his post and contest the government's decision to replace him because of poor performance.The Libyan Investment Authority (LIA) was set up in 2006 to manage Libya's oil dollars. It has assets of around $60 billion, mixed between shares, bonds, other financial products and holdings in subsidiaries.Speaking at a news conference on Thursday, Prime Minister Ali Zeidan said deputy central bank governor Ali Mohammed Salem Hebri would temporarily take charge of the LIA until a permanent replacement for current head Mohsen Derregia was found."The head of the LIA will be changed. This is the government's policy. Whoever cannot do their job properly will be replaced," Zeidan said. "Up until now (Derregia) has declined to step down but he needs to do that."In an exchange that highlights the central government's struggle to impose its authority in the new Libya since the 2011 war that ousted Muammar Gaddafi, Derregia told Reuters he did not understand the decision and could not leave his post.
