Libyan govt says Gaddafi's billions were ‘not misused’ despite UN report
nterest on Muammar Gaddafi’s frozen funds in Belgian banks is not subject to UN sanctions and has not been misused or embezzled, the Libyan Investment Authority (LIA) insisted following reports to the contrary.
The interest payments amounting to nearly €5 billion ($5.7 billion) had been deposited in “special authority accounts abroad,” until the end of October 2017, when the payments stopped, the LIA said, as quoted by the Saudi-owned Al-Arabiya network. The accounts are in Luxembourg, the UK and Bahrain, the Libyan agency noted.
Gaddafi’s assets were frozen in 2011, when NATO intervened on behalf of rebels in Libya to overthrow the long-time leader. Citing British and Belgian legal documents, the LIA insists that interest on frozen assets is not subject to the sanctions, and had been regularly paid out to their accounts. Where exactly the funds went, however, is still being investigated.
Nearly $70 billion from the Libyan Investment Authority was seized across Europe and North America shortly after the UN introduced the sanctions. However, the European authorities had reportedly frozen only the principal amount, allowing the interest and dividends earned since 2011 to be paid out.
The work of the LIA has been negatively impacted by the long-standing political instability in war-torn Libya. Over the past seven years, the organization has seen four presidents, some of them installed by armed groups in control of Tripoli who interfered in LIA's work, according to the UN report.
https://www.rt.com/business/443727-l...rozen-belgium/
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