Canada says unable to free up Libyan assets

By REUTERS
July 15, 2011 21:57

 
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OTTAWA - Canada cannot unlock frozen assets to help fund the Libyan rebels even after world powers on Friday recognized the National Transitional Council (TNC) as the country's legitimate government.

Foreign Minister John Baird said any attempt to free up locked Libyan government money unilaterally could run up against complex legal constraints and conflict with United Nations sanctions, leaving it helpless to act on its own.

"We believe that the overwhelming amount that's been frozen in Canada is under UN Security Council sanctions and so our legal ability with Canadian law is that we can't release it to either them (the TNC) or a third party until the security council lifts the freeze or makes another decision in that regard," Baird told reporters via teleconference.

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