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Five EU countries released Libya’s frozen money: LIA

The Address | Benghazi – Libya

LIBYA – Libyan Investment Authority (LIA) says that five EU countries paid out money from frozen accounts in Europe that once belonged to Muammar Gaddafi, despite international sanctions.

Belgium’s government was not alone in taking advantage of a loophole by paying out the interest earned on the frozen money. UK, Germany, Italy, Luxembourg and Belgium all released cash, LIA said in an emailed statement to POLITICO.

Questions about mystery payments from the Libyan frozen billions in Europe have already become a hot political issue in Belgium because significant sums flowed out of accounts in Brussels.

But LIA’s announcement is the first time an official state body has said that countries other than Belgium may also have wrongly implemented the U.N.’s 2011 sanctions regime against Libya, and raises more questions about how much of Libya’s wealth has been transferred to unknown recipients since 2011.

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