BREAKING NEWS

Swiss wait on UN to unfreeze Libyan assets

By REUTERS

AUGUST 23, 2011 20:18

ZURICH - Switzerland plans to release millions of Swiss francs worth of frozen Libyan assets as soon as the United Nations lifts sanctions that were imposed on Muammar Gaddafi's government, a Swiss official said on Tuesday.

"The vast majority of the frozen assets belong to state-owned companies and not to individuals. If these are removed from the UN sanctions list, the money will once again be available to them," said Roland Vock, head of sanctions at the State Secretariat for Economic Affairs (SECO).

"But we cannot unfreeze unilaterally the assets of the Central Bank of Libya or any other state-owned enterprise," Vock added. The SECO and the Swiss finance ministry said the value of the assets was some 650 million Swiss francs ($827 million).

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