Tag Archives | Frozen Assets

Libya's Italian Car and Football Assets Unfrozen

More Libyan funds invested in Italy have been unfrozen by the courts in Rome. The Libyan Arab Foreign Investment Company (LAFICO) first bought a 15 percent stake in the then-struggling car manufacturer Fiat in 1977 at the invitation of the company’s founding family, the Agnellis. It sold in 1986, but again took a two percent […]

France Releases $2bn Frozen Libyan Assets

As it looks to secure investment from Libya, France says it is ready to start releasing almost $2 billion in frozen assets belonging to the Libyan Investment Authority (LIA), Libya's sovereign wealth fund. Speaking to Libya's General National Congress (GNC), France's Foreign Minister Laurent Fabius said: "France is committed through me to immediately begin unfreezing the […]

Libyan Stakes in UniCredit, Finmeccanica Unfrozen

The Court of Appeal in Rome has ordered the release from judicial seizure of the Libyan Investment Authority's equity stakes in Italian bank UniCredit and Italian air defence group Finmeccanica. The decision follows the release in July of LIA's stake in oil company Eni; according to Dow Jones, the ruling means all LIA's investments in […]

Switzerland Holding Over $100m Libyan Assets

The Swiss foreign ministry said on Tuesday that the country has blocked 100 million Swiss francs ($108 million)l inked to the former Libyan dictator, Muammar Gaddafi, as part of nearly 1 billion Swiss francs blocked in relation to the various "Arab Spring" states. Valentin Zellweger, head of the international law department at the Swiss foreign […]

LIA Claws Back Sovereign Assets

Libya Herald reports that, almost one year after the fall of Tripoli, the Libyan Investment Authority (LIA), Libya's sovereign-wealth fund, is still working to recover assets frozen during the revolution. The LIA is now also said to be investigating losses that have come to light, including $1.95bn related to investments made with Goldman Sachs and […]

Telecom operator returning to Libya

The Ugandan government announced on Monday that Libyan assets, including Uganda Telecom (UTL), seized by the government last year as part of United Nations (UN) sanctions on Libya, will be returned. The government said, in a press statement published by the WallStreet Journal, once UN sanctions against the North African country were lifted in December […]

Gambia lifts sanctions on Libyan assets

Gambia's Supreme Court on Monday upheld a request by the government to lift economic sanctions imposed on Libyan assets during the toppled regime of Moamer Kadhafi. The move restores tens of millions of dollars (euros) in property invested by the Libyan Arab African Investment Company (LAAICO) in the west African country to the ruling National […]

Libya struggles to revive economy

Oil exports are approaching pre-conflict levels and international sanctions have been lifted, but four months after fighting ended, experts warn that Libya's financial situation remains fragile. The new leadership has inherited an economy in disarray, plagued by the corruption and mood swings of deposed ruler Moamer Kadhafi and his clan, who controlled Libya's key oil […]