Libya’s Sovereign Wealth Fund Chairman Detained, According to Official Reports by Reuters

TRIPOLI (Reuters) – Ali Mahmoud Hassan Mohamed, the chairman of Libya’s sovereign wealth fund, was detained on Wednesday as part of an investigation into alleged corruption and misuse of his position, according to an official from the attorney general’s office.

The wealth fund expressed confidence that Mohamed would be proven innocent in the ongoing case.

Mohamed, who was appointed by the U.N.-backed government based in Tripoli, is under scrutiny while a rival government remains in control in eastern Libya. The attorney general’s office has stated that he is currently being interrogated, but did not provide further details. Attempts to reach Mohamed for comment were unsuccessful.

The Libyan Investment Authority manages approximately $66 billion in largely frozen assets, which are subject to U.N. sanctions that were put in place in 2011 following the ousting of longtime leader Muammar Gaddafi during a NATO-backed uprising.