Turkey Freezes Assets of Libyan Investment Entities

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On May 20, the Turkish government decided to freeze the assets of the Libyan Investment Authority (LIA) and the Libyan Africa Investment Portfolio in line with a decision by the United Nations Security Council (UNSC).

The decision to freeze the assets of both entities was published in Turkey’s Legal Gazette, stating that former Libyan leader Muammar Gaddafi and his family used Libya’s financial institutions to further their personal gains.

Libya has been in turmoil since a 2011 NATO-backed uprising killed longtime dictator Muammar Gaddafi, with rival armed factions still vying for power and contro over the country’s oil-rich national resources.