Pearson seeks legal advice over stake held by Libyan Investment Authority

Pearson seeks legal advice over stake held by Libyan Investment Authority  "Pearson has begun a legal process to ascertain if the stake held by the Libyan Investment Authority, the fifth biggest shareholder in the Financial Times owner with a £250m investment, needs to be frozen following a government order.

On Sunday the UK government moved to freeze the assets of Muammar Gaddafi and five members of his family, a decision that has prompted Pearson's lawyers to file legal documents to determine exactly who is the beneficial owner of the stake.

'It is abhorrent to us what is happening in Libya and we have made it clear we are uncomfortable with the holding,' said Marjorie Scardino, chief executive of Pearson. 'We are in a terrible position, it is abhorrent for everyone at Pearson. We do not know what the freeze notice covers at this point.'

Libya's sovereign wealth fund, LIA, upped its stake in Pearson to marginally over 3% last year."