Libyan ambassador to UN warns of loss of Libyan frozen assets
The Libyan ambassador at the UN, Al-Mahdi Al-Majrbi, called on the UN Security Council on Monday for assisting Libya to preserve its frozen assets overseas and save them from loss.
Al-Majrbi indicated, in a UN Security Council meeting about Libya on Monday, that the UN-proposed government did not request the unfreezing of the assets, but rather finding a way that can preserve them as they are frozen overseas.
“Libya’s assets are shrinking as the foreign banks decline to control them and as normal.” He explained, adding that foreign banks are burdening the Libyan assets with negative interests leading to continuous losses.
76 billion dollars are the Libyan frozen assets in overseas banks since March 2011, according to the UN report.
The UN renewed the sanctions on Libya (ban on arms importation and freezing of the assets) on June 20 and it will last until November 15, 2018.
The UN resolution (2363) said that Libya’s situation still threatens international security and peace, calling on the Libyan UN-proposed government to control the financial institutions, especially the National Oil Corporation, the Central Bank of Libya, and the Libyan Investment Authority.