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Libyan Investment Sells Hotel Stake
The legal dispute between Ensemble, a company supported by the Libyan Investment Corporation, and the owner of the Legacy hotel group in South Africa has come to an end after the Court of Appeal overturned a previous ruling that had allowed a shareholder auction to take control of the group. It is now possible for Legacy Management Holdings and Dorsen Partners to purchase Ensemble's stake and remove it from the board, following the court's ruling in favor of the group owner. The disagreement dates back to 2011 after the international sanctions against Libya, and escalated in 2022 when Ensemble attempted to organize a sale of the shares, despite their being frozen under sanctions. The ruling supported the sale process, emphasizing that Libyan assets in South Africa are frozen assets requiring prior legal approvals, thereby ending a dispute that had impacted the Libyan Investment Corporation’s overseas assets.
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