By Giovanni Legorano
MILAN--Libyan Investment Authority President Mohsen Derregia said he will meet UniCredit SpA (UCG.MI) top management Wednesday to discuss the sovereign wealth fund's stake in the Italian bank.
"We will discuss arrangements for our representation in the board and financing investments in Italy and other countries where UniCredit is present," Mr. Derregia told reporters.
He said LIA holds a 1.8% stake in UniCredit, while the bank's other Libyan shareholder, the Libyan Central Bank, has a stake of about 3.6%.
Other investments in Italian companies include stakes in Eni SpA (E), Fiat SpA (F.MI), Finmeccanica SpA (FNC.MI) and Juventus Football Club SpA (JUVE.MI), but have all been frozen by Italian courts. The value of these assets, which were seized in March as requested by the Hague International Criminal Court to indemnify the victims of the regime of former dictator Moammar Gadhafi, is about $1.1 billion.
Mr. Derregia said he met Tuesday the Committee on Financial Security of the Italian Treasury to discuss the efforts to revoke the seizure of the assets.
"We hope to put this unfortunate misunderstanding behind us very soon," he said, referring to LIA's position that its assets are separate to the ones owned by Gadhafi's family.
Write to Giovanni Legorano at firstname.lastname@example.org
(END) Dow Jones Newswires
June 20, 2012 07:16 ET (11:16 GMT)
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