LIA seeks minor changes to UN asset freeze to mitigate losses

By Sami Zaptia.

(Logo: LIA).

London, 9 March 2020:

The Foreign Ministry of the Internationally recognized Libyan government based in Tripoli welcomed on Friday the decision of the UN Sanctions Committee to reject the recommendation of the Experts Group to freeze the assets of companies belonging to the Libyan Investment Authority (LIA)

The Ministry said that this decision reflects the strong cooperation between Libyan state institutions and their full coordination with the Libyan Ministry of Foreign Affairs and its diplomacy and the Libyan mission in New York, which prepared for the meetings of the LIA’s delegations with officials of the Security Council and the Sanctions Committee.

For its part, the LIA reminded in a statement published yesterday that the asset freeze was initially requested by the Libyan government in order to protect the Libyan people’s assets. It pointed out that it totally respects the asset freeze and stresses that it has not requested its removal. It says has been cooperating fully with the Sanctions Committee through the provision of information.

It highlights the fact that it has put in place a strategy to ‘‘protect its assets while they are frozen’’, and in this regard it seeks ‘‘minor changes’’ to the sanctions to mitigate any losses to its frozen investments.

It also reiterated its recently launched policy to increase internal transparency and accountability.

 

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