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Malta releases Libya’s frozen assets, holds on to Gaddafi’s money
Malta has formally released almost €300 million in assets belonging to Libyan entities which had been frozen by United Nations and European Union sanctions.
11 April 2012, 12:00am
Karl Stagno-Navarra
Karl Stagno-Navarra
1 min read
Prime Minister Lawrence Gonzi in a meeting with Libyan interim prime minister Abdul Rahman El Keib.
Foreign minister Tonio Borg has confirmed with MaltaToday that the Maltese government has informed both the United Nations and the European Union that it was releasing the funds which belonged to entities controlled by Tripoli, but did not release €86 million in funds which belonged to the Gaddafi family or entities controlled by the family.
Over the past months a number of meetings were held between the Maltese government and Libya's National Transitional Council (NTC) regarding the funds which were needed by Libyans to help restore order and kick-start their civil service after months of civil war.
During his visit to Benghazi in July last year, Tonio Borg had agreed with the NTC that until the funds were released, Malta would provide Libya with a line of credit.
Meanwhile, Malltese diplomats worked with the United Nations Security Council to simplify the process of releasing the funds which were tied by the sanctions.
Last month, Malta also returned the two Mirage fighter jets which had been flown to Malta by two defecting Libyan air force pilots at the height of the revolution.
Mark Fenech •
It would have been very interesting to learn if the money owed by the Libyans to Maltese Enterprises have been saveguarded and the agreement of the release of funds is not as usual a one way traffic.
