Politico: Five European countries released Libya’s frozen assets

Libya’s sovereign wealth fund said five EU countries paid out money from frozen accounts in Europe that once belonged to Muammar Gaddafi, despite international sanctions.

Libyan Investment Authority told Politico via e-mail that the UK, Germany, Italy, Luxembourg and Belgium all released cash.

The LIA said in an emailed statement to POLITICO that Belgium’s government was not alone in taking advantage of a loophole by paying out the interest earned on the frozen money.

“In many jurisdictions (the UK, Belgium, Germany, Italy and Luxembourg for example) the interest and dividends on holdings frozen under the U.N. sanctions are not frozen,” the LIA said through its London-based PR agency Maitland, according to Politico.

The views expressed in Op-Ed pieces are those of the author and do not purport to reflect the opinions or views of Libyan Express.
How to submit an Op-Ed: Libyan Express accepts opinion articles on a wide range of topics. Submissions may be sent to oped@libyanexpress.com. Please include ‘Op-Ed’ in the subject line.
Azara Media Azara Media
You might also like

Submit a Correction

For: Politico: Five European countries released Libya’s frozen assets

Your suggestion have been successfully submitted

There was an error while trying to send your request. Please try again.

Libyan Express will use the information you provide on this form to be in touch with you and to provide updates and marketing.