The Libyan Investment Authority (LIA) announced that it is going to take legal measures against Brussels regarding its frozen assets.
According to the Belgian “7 Sur 7” website, arbitration procedures began this week as part of the years-long dispute against Prince Laurent and his former Fund for Sustainable Development, pointing out to the Prince brother’s demand to obtain compensation from the Libyan government after the cancellation of a contract related to afforestation of the Libyan desert.
The Belgian website said that Prince Laurent sought to recover tens of millions of euros by pressing to unfreeze part of the Libyan funds in Belgian banks. It added that LIA had accused the Prince of blackmail and influence-peddling, pointing fingers at Belgium for abusing power, considering what it was doing to be a violation of international law under the bilateral investment treaty between Belgium and Libya.
The Belgian judiciary ordered the criminal seizure of 15 billion euros in the accounts of the LIA, whose funds were frozen in Belgium and deposited with Euroclear in 2011 under international sanctions.
LIA announced on November 26 the beginning of the second phase of international arbitration procedures against Brussels regarding the seizure imposed on its funds, in which it relied on UN Security Council Resolution 2701 to allow it to reinvest assets for the purpose of preserving their value.