Friday, June 6, 2025
LibyaReview
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
LibyaReview
No Result
View All Result
Home Libya

Bank of England Freezes £3 Billion of Libyan Assets

May 20, 2022
Share on FacebookShare on Twitter

The Bank of England has frozen £3 billion pounds in assets belonging to the Central Bank of Libya (CBL) in the United Kingdom, Libya’s 218 News reported on Wednesday.

The frozen funds are under the control of the Tripoli-headquartered Libyan Investment Authority (LIA), the world’s 22nd largest sovereign wealth fund, according to the Sovereign Wealth Fund Institute.

It is believed to have $67bn of frozen assets worldwide held by institutions including HSBC, Goldman Sachs, Nomura, and Societe General, leaked documents from 2011 showed.

UK’s claimed victims of terrorism want to claim tax or interest accrued by the funds, which have been frozen since 2011. This is based on orders of the United Nations to prevent their theft or misuse during the civil war.

In 2019, the British government appointed William Shawcross as a “special representative on UK victims of Gaddafi-sponsored IRA terrorism” with a brief to investigate the likely levels of compensation.

A UN report revealed last year that a bank in Belgium, reportedly holding more than $20bn of the frozen funds, transferred dividends and interest to accounts controlled by the LIA outside of the country.

Recently, Libya has topped the list of African countries in terms of foreign reserves, for more than half a century, according to the World Bank (WB) statistics.

In its report, the World Bank stated that Libya ranked first with more than $84 billion dollars in foreign reserves, followed by South Africa, with $75 billion. Algeria came in third place, with $56 billion.

  • Libya-Tunisia Discuss Releasing Frozen Funds
  • Central Bank of Tunisia: Frozen Libyan Funds Amount to Nearly $150 Million Dollars
  • Libya’s High Council of State Rejects Demand to Freeze Turkish Security Agreement
  • GNA Meets to Release Frozen Libyan Oil Revenues
  • Why Have a Number of Libyan Officials Rejected the Freezing of All Military Agreements?
Tags: Bank of EnglandEnglandlibyaLibyan Assets
Next Post

Saif Lawyer: US & UK Ambassadors Disrupted Elections

POPULAR CATEGORIES

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

MUST READ

Libyan Pilgrim Dies in Makkah During Hajj

IOM: 300 Migrants Returned to Libya in a Week

Will Libya’s Parliament Ratify Maritime Deal with Turkey?

Trump Bans Libyan Nationals from Entering US, Citing Terror Risks

Greece Seeks Migration Deal with Eastern Libya to Halt Boat Departures

LCW: Libya Sees Deadliest Month in 2025 for Civilians & Migrants

EDITOR PICKS

UN Calls for Eid Calm as Tripoli Faces Tense Ceasefire

Gaza Aid Ship Rescues Migrants Fleeing Libya

EU Reaffirms Support for Libyans’ Right to Clean Water

LCW: Libya Sees Deadliest Month in 2025 for Civilians & Migrants

CBL: Libya’s Revenues Reach 49.4 Billion Dinars in 5 Months

Will Libya’s Parliament Ratify Maritime Deal with Turkey?

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR

No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR