25 Jul 2013

Foreign investors could face tougher rules in Libya

Libya is preparing to introduce new restrictions on foreign investors which are tighter than those of the Gaddafi regime.

The LIA was set up to invest Libya's oil wealth in the mid-2000s Marcio Jose Bastos Silva

A draft law is proposing that maximum ownership percentages should be set at 49 per cent, rather than the 65 per cent limit which existed until Muammer Gaddafi was ousted in 2011. The law has yet to be approved by parliament. Clyde & Co is one of the law firms which has been most active in the state since its revolution two years ago. Legal director Leopold Zentner told the Financial Times: 'The business community hoped for a new draft that relaxed the provisions.' 

 

 
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