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Libya Has No Idea Where Gaddafi’s ‘Frozen Billions’ Have Gone from Belgium

European banks didn't extend the measure to include the interest accumulated

 on 12th November 2018 @ 9.00pm
european banks didn t extend the measure to include the interest accumulated © press
European banks didn't extend the measure to include the interest accumulated

As Neon Nettle reported last week, prosecutors are an investigating the missing the billions from the frozen Belgian bank accounts belonging to former Libyan leader Muammar Gaddafi.

But according to various media reports, some European banks didn't extend the measure to include the interest accumulated by the frozen funds. thus presenting the following assets free for withdrawal.

The Libyan Investment Authority (LIA), admitted that the country had been receiving interest payments from the frozen funds

What's worse, is the LIA neglected to name the party that benefited from these interest payments, which lasted until October 2017.

libya has no idea where gaddafi   s    frozen billions    have gone from belgium © press

There are now suggestions that the money could have been embezzled.

One clue that LIA noted was that the payments were transferred to "special authority accounts abroad."

According to Sputnik: The authority further stated that the interest from Gaddafi's money had been withdrawn by "the sanctions system imposed by the UN Security Council," suggesting that it affected only the original funds.

The authority admitted that it is unaware where the money had eventually ended up, as it only knows that they were transferred to the LIA's accounts in the Euroclear Bank.

libya has no idea where gaddafi   s    frozen billions    have gone from belgium © press

The LIA explained that the money transfers happened during the previous administration's term and thus it currently has no information about their final destination.

The authority launched an investigation into the matter and promised to present a report to the UN once it is concluded.

Belgian media reported at the end of October that Brussels had launched an investigation into the activities of Belgian banks that had allegedly violated the UN ban on transferring funds that belonged to former Libyan leader Muammar Gaddafi.

According to the media reports, the money could have ended up in the hands of armed groups, including those involved in terrorist activities.

Following the death of Gaddafi as a result of the political turmoil in the country, his funds in foreign banks were frozen according to a decision of the UN Security Council in 2011.

READ MORE: Clinton Emails Reveal NATO Killed Gaddafi To Stop Gold-Backed Currency

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tags: Finance | Fraud

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