BELGIUM — €10bn Missing From Gaddafi Frozen Accounts [UPDATE : Money Used to Fund Terrorist Groups]

“There remains a little less than 5 billion euros on the four accounts opened at Euroclear Bank SA.”

Denis Goeman — Spokesman from Brussels’ prosecutor’s office

Brussels, Belgium ( March 9 2018) — Four separate accounts opened for the Libyan Investment Authority and Libyan Foreign Investment Company in the Euroclear bank held about 16 billion euros when they became ‘frozen’ under UN sanctions. Today, there remains about 5 billion euros on these accounts. Follow us on Twitter: @Intel_Today

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UPDATE (October 29 2018) — Belgian media are reporting that Belgian banks paid out interest and dividends on Gaddafi’s accounts frozen under U.N. sanctions.

“RTBF said that up to 5 billion euros ($5.7 billion) could have been disbursed to people controlling Libyan accounts, including militia groups in the country accused of human rights abuses.” (REUTERS)

This much is about certain. When the United Nations agreed to freeze deposits held by Gaddafi’s administration abroad, Belgium did so but the Belgian banks did not halt payments of interest and dividends. This, in itself,  may actually not have been illegal. But if the money was used to fund terrorist groups in Libya, that is yet another major scandal.

Now, I would like to suggest that if 5 billion euros ($5.7 billion) have been disbursed to people controlling Libyan accounts, then we are NOT talking “interest and dividends”. This would clearly be money from the frozen accounts. And that would be a major violation of International Law. There is something rotten in the Kingdom of Belgium.

END of UPDATE

In November 2013, four Euroclear Bank accounts belonging to the Libyan Investment Authority (LIA) and its subsidiary Libyan Foreign Investment Company (LFICO) contained some 16.1 billion euros.

Those assets have been frozen since March 2011 in accordance with the UNSC resolution 1973.

Investigating magistrate, Michel Claise, was in charge of the probe into an alleged money laundering scheme by Gaddafi’s inner circle.

When the Belgian authorities sought to seize these Libyan assets in the fall of 2017, they discovered that 10 billions euros were missing.

According to the Ministry of Finance, Belgium did not take any decision to unfreeze these assets.

So the question is rather simple: Where did the €10 billion vanish to?

Stay tuned!

REFERENCES

Over $10 billion from seized Gaddafi funds missing — ANI

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BELGIUM — €10bn Missing From Gaddafi Frozen Accounts

BELGIUM — €10bn Missing From Gaddafi Frozen Accounts [UPDATE : Money Used to Fund Terrorist Groups]

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