Hassan Bouhadi, chairman of the Libyan Investment Authority, on Thursday said that Libya is facing serious difficulties and challenges in restoring the country's stolen billions.

The authority is facing legal problems as other parties in Libya have created problems, limiting the authority's powers in recovering and managing the money, Bouhadi added.

The rival Libyan governments are fighting one another for control of Libya's assets that were stashed away in the halcyon days of Muammar Gaddafi's rule.

The Libyan Investment Authority is a government-managed sovereign wealth fund and holding company headquartered in Tripoli. It was established on August 28, 2006.