LIA denies rumors on disappearance of funds from Belgium banks

LIA denies rumors on disappearance of funds from Belgium banks

November 12, 2018 - 11:47
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Written By: SafaAlharathy

The Libyan Investment Authority (LIA) stated Sunday that the "conclusions" of the United Nations Panel of Experts on the disposal of the interests of the Libyan frozen assets in Belgium were erroneous, stressing its commitment to the rules and regulations established by the United Nations, including the sanctions regime.

The LIA confirmed via Facebook that since the end of October 2017, no breaches regarding the institution’s funds deposited in the Belgian banks was recorded, reaffirming that there has been no transfer of any funds from the institution's accounts at the bank, "Euroclear".

The LIA clarified that the assets freeze was under the sanctions regime imposed by the UN Security Council in early 2011, which was amended at the end of the same year, including provisions on the return on frozen assets of interest and accrued profits, pointing out that some countries such as Britain, Belgium, Germany, Italy, and Luxembourg interpreted the decision as a lifting of the freeze on the interest and profits of frozen assets.

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