In an interview in London yesterday, Libyan Investment Authority Chairman Abdulmagid Breish revealed the sovereign wealth fund's plans to entrust $11 billion worth of their assets to external companies for management under a restructuring plan. Breish added that the LIA, which is valued by Deloitte LLP at about $66 billion, will be splitting the said assets into three funds beginning next year.

Without specifying if the LIA has already extended invitations to the companies who could bid for the work, he added, "The LIA is preparing itself to come back to the international fold," he said. "We will use best-of-breed fund managers, advisers and consultants."

Breish's comments signaled the LIA's intentions to turn around its luck in investments. Bloomberg said that the LIA, which was established under Muammar Qaddafi, was recognized as the second largest sovereign wealth fund in all of Africa at the time that the former Libyan ruler was deposed and killed in 2011. However, several of the firm's investments were disastrous, which lead to attempts to deal restructures, multi-billion dollar lawsuits and interventions from regulators.

LIA has already filed lawsuits against Societe Generale SA and Goldman Sachs Group Inc in London over allegations ranging from bribery and fraud. The lawsuits, which totaled $2.5 billion in claims, are to recover failed investments that have lost as much as 80%. Breish also said that they will be filing lawsuits, but of a smaller magnitude. The firm is eyeing to seek legal action against Dutch hedge fund Palladyne International Asset Management BV. Bloomberg noted that in March, Palladyne was sued by a former employee in the US claiming that the firm had laundered funds for the late Libyan leader.

Breish said about the failed investments, "We have to get back what's owed back to us, and what was wrongfully taken away. We will spare no effort and no cost in achieving this objective."