Local Belgian media has revealed that about 10 billion euros ($12.3 billion) have disappeared from four frozen Euroclear Bank accounts belonging to two Libyan state agencies.
The accounts containing 16.1 billion euros of state funds were frozen since March 2011 in accordance with a United Nations resolution as part of sanctions against the late Muammar Ghaddafi’s inner circle.
The disappearance was noticed when Belgian authorities tried to seize the funds in 2017 during a fabricated probe into alleged money laundering by Ghaddafi’s inner circle.
Euroclear Bank had refused to hand over the accounts belonging to Libyan Investment Authority (LIA) and its subsidiary Libyan Foreign Investment Company (LFICO) in Bahrain and Luxembourg, prompting the probe.
The UN placed sanctions on the Libyan government’s assets after NATO’s intervention in 2011. It has since seized about $67 billion from the accounts of the LIA across Europe and North America.
Face 2 Face Africa. com / ABC Flash Point News 2019.