Former US envoy: Libyans should know what happened to their county's frozen assets

Former US envoy: Libyans should know what happened to their county's frozen assets

November 21, 2018 - 20:20
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Written By: AbdulkaderAssad

The former United States envoy to Libya, Jonathan Winer, has said that transparency is very critical to the future of the Libyan Investment Authority (LIA) and all of Libya's vital institutions.

"Libyan people have the right to know about what is happening to funds which belong to all Libyans." Winer said on Twitter on Tuesday.

Winer's tweet came to comment on the latest Politico article which, via the LIA, claimed that not only Belgium, but also four other EU countries may also have wrongly implemented the U.N.’s 2011 sanctions regime against Libya.

According to Politico article, Belgium’s government was not alone in agreeing that paying out the interest earned on the frozen money would still be legal.

It quoted LIA’s London-based PR agency Maitland as saying that “in many jurisdictions (the UK, Belgium, Germany, Italy and Luxembourg for example) the interest and dividends on holdings frozen under the U.N. sanctions are not frozen.”

In February, Politico reported that Belgium was channeling tens of millions of euros of frozen Libyan cash in stock dividends, bond income and interest payments to unknown beneficiaries with bank accounts in Luxembourg and Bahrain.

Since then, senior officials in Belgium’s government, including Foreign Minister Didier Reynders, have been asked to explain why the payments were made and where they ended up.

Neither Belgium nor the LIA have been able to name the final .

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