Politico: Five European countries released Libya’s frozen assets

Libya’s sovereign wealth fund said five EU countries paid out money from frozen accounts in Europe that once belonged to Muammar Gaddafi, despite international sanctions.

Libyan Investment Authority told Politico via e-mail that the UK, Germany, Italy, Luxembourg and Belgium all released cash.

The LIA said in an emailed statement to POLITICO that Belgium’s government was not alone in taking advantage of a loophole by paying out the interest earned on the frozen money.

“In many jurisdictions (the UK, Belgium, Germany, Italy and Luxembourg for example) the interest and dividends on holdings frozen under the U.N. sanctions are not frozen,” the LIA said through its London-based PR agency Maitland, according to Politico.