Belgian newspaper “Le Soir” has highlighted the unfreezing of $2.3 billion of Libyan funds in Belgium, with $800 million of it going to a mysterious entity.
The newspaper reported that it had reviewed thousands of pages of the “Libyan funds” file, revealing that the unfreezing was done illegally in violation of UN rules. Seven years of judicial investigations into “money laundering” have not provided satisfactory answers regarding the reasons for unfreezing the interest or the destination of these funds.
It was traced that hundreds of millions of dollars were illegally released in violation of UN regulations, which stipulate the freezing of Libyan assets abroad post-2011. During this period, criminal looting of Libyan funds increased from €17.4 million to €2.8 billion.
The judicial investigation tracked approximately $2.3 billion in interest on funds deposited in Belgium that were “unfrozen” between 2012 and 2017. However, around $800 million of this amount went to an unclear destination.
The report noted that the released interest stemmed from deposits worth €14 billion in assets held in Belgian banks, which the UN had frozen. This sum may have been used to finance illegal activities, possibly even acts of war, which would necessitate accountability. The investigation into the Libyan funds does not exonerate the Belgian state.
Libya has been in chaos since a NATO-backed uprising toppled longtime leader Muammar Gaddafi in 2011. The county has for years been split between rival administrations.
Libya’s economy, heavily reliant on oil, has suffered due to the ongoing conflict. The instability has led to fluctuations in oil production and prices, impacting the global oil market and Libya’s economy.
The conflict has led to a significant humanitarian crisis in Libya, with thousands of people killed, and many more displaced. Migrants and refugees using Libya as a transit point to Europe have also faced dire conditions.
The planned elections for December 2021 were delayed due to disagreements over election laws and the eligibility of certain candidates. This delay has raised concerns about the feasibility of a peaceful political transition.
Despite the ceasefire, security remains a significant concern with sporadic fighting and the presence of mercenaries and foreign fighters. The unification of the military and the removal of foreign forces are crucial challenges.
