Brother of ex-British PM expected to judge Libyan sovereign fund case

March 4, 2016 12:00 PM

The Libyan Investment Authority (LIA) is in a power struggle between two rival chairmen, Hassan Bouhadi and AbdulMagid Breish. The dispute mirrors the fragmented nature of the country following the fall of Muammar Gaddafi in 2011.

Brother of ex-British PM expected to judge Libyan sovereign fund case

William Blair, brother of ex-British prime minister Tony Blair, is expected to be appointed judge in the long-running dispute over the leadership of Libya's $67 billion sovereign wealth fund, sources on both sides of the case said.

The case is to be heard in London's High Court from Monday.

The case, which will be held in the Commercial Court, will ultimately determine which of the two chairmen has the authority to bring litigation against investment banks Goldman Sachs and Societe Generale.

The LIA is attempting to pursue the banks for more than $3 billion it claims was mismanaged. Both banks have rejected the allegations.

The sources said David Pannick of Blackstone Chambers will be lead counsel for Breish and Jonathan Crow of 4 Stone Buildings will represent Bouhadi.

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