Libya: Leadership crisis at LIA as SEC opens investigation

The Libyan Investment Authority (LIA), BP’s partner in its massive onshore and offshore exploration blocks, is experiencing a crisis of leadership as it struggles to deal with losses sustained during the latter years of Colonel Muammar Qadhafi’s rule. In mid-February, Prime Minister Ali Zeidan dismissed the sovereign wealth fund’s executive chairman Mohsen Derregia, replacing him with Central Bank of Libya deputy governor Ali Mohamed Salem Hibri.