UN Rejects request by Belgium to seize nearly 50 million euros of Libyan assets
The dispute over the frozen assets between Libya and Belgium dates back ten years ago, after an agreement between Prince Laurent and Muammar Gaddafi never came to fruition
Libya’s envoy to the United Nations, Al-Taher El Sonni, announced that the United Nations Security Council’s Sanctions Committee rejected Belgium’s request to seize 49 million euros worth of Libyan frozen assets.
The Belgian government’s wanted to seize these assets in the name of Global Sustainable Development Trust (GSDT), an NGO owned by Belgian Prince Laurent.
Through its finance ministry, the Belgian government announced last month that it would ask the UN’s sanctions committee to unfreeze some of Libya’s assets in Belgian banks to get their dues, valued at 49 million euros.
El Sonni has stated that the Belgian authorities will not be able to size millions of euros worth of Libya’s frozen assets, advising the Belgians to reconsider their actions as it will not happen under any circumstances.
“This is an important victory for Libya. Thanks to the efforts of the United Nations Support Mission to Libya (UNSMIL), the Ministry of Foreign Affairs and the Libyan Investment Corporation, the UNSC officially rejects Belgium’s request to seize Libyan frozen assets funds,” El-Sonni tweeted.
He also expressed his gratitude to the security council, specifically Tunisia for supporting their rejection of the seizure of Libyan assets.
Following an agreement between the foundation of Prince Laurent and Libya’s former leader Muammar Gaddafi concerning a green project in the oil-rich country, GSDT sued Libya’s new government in Tripoli for the assets they were promised.
Despite being awarded nearly 50 million euros worth in damages by a Belgian court, in 2019, the prince accused his government of not supporting him in his ongoing dispute with Libya.
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