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LIA urges Britain to halt IRA compensation bill

The Address | Benghazi – Libya

LONDON – Chairman and Chief Executive of the Libyan Investment Authority (LIA), Ali Mahmoud Hassan Mohamed, has urged Britain not to pursue a demand that some of its $67 billion worth of frozen assets be used to compensate past victims of Irish Republican Army (IRA) attacks, Reuters reported.

Ali Mohammed, who’s appointed by the Tripoli-based Government of National Accord, said in a letter to the United Kingdom’s Junior Foreign Minister Alistair Burt, that “there is no lawful basis for the United Kingdom to seize or change ownership of the frozen LIA assets. These belong to the Libyan people”.

“The UN Security Council has likewise ruled that frozen assets, when released, must be used for the benefit of the Libyan people.”, he wrote.

Those behind a British parliamentary bill argue that the regime of former Libyan leader Muammar Gaddafi supplied arms to the IRA during the 30-year conflict in Northern Ireland which saw over 3,600 people killed and thousands more injured.

The LIA estimates some 9.5 billion pounds’ ($12.25 billion) worth of its assets are in the UK.

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