News24

US freezes $30bn in Libya assets

2011-02-28 22:27

Washington -The US government has so far blocked around $30bn in Libyan assets after imposing sanctions late last week, the largest amount ever frozen, US sanctions czar David Cohen said on Monday.

The US government targeted Muammar Gaddafi and four of his family members on Friday.

Cohen said more sanctions could be on the way.

"We are considering whether to add to the list of individuals," he said.

Cohen noted that the European Union had adopted sanctions that target 20 additional individuals.

Libya and its leaders are suspected of holding billions of dollars in foreign bank accounts, cash largely gleaned from the country's vast oil wealth.

According to a 2010 message from the US embassy in Tripoli, obtained by WikiLeaks, Libya's sovereign wealth fund holds $32 billion in cash and "several American banks are each managing $300-500 million".

The Treasury Department had earlier warned banks to be vigilant of transfers linked to Libya's political leaders.

Cohen said that there was no immediate evidence that the Libyan authorities had moved to shift cash out of the United States before the sanctions hit.

Cohen said the United States believed "there are substantial Libyan state-owned assets in Europe and that these assets are controlled by Colonel Gaddafi and his children."

Comments
  • lmduplessis - 2011-02-28 22:55

    My question is, what exactly happens to this money once Gadaffi is ousted and either Killed or vanishes from sight for the remainder of his days?

      slg - 2011-03-01 00:59

      It is unfrozen and the new Libyan government, when it is formed, will have access to it

      RentBoy - 2011-03-01 06:12

      Marco.... you need to put the whisky glass down and go to bed. You talk as if "America" was one person with one thought. That may be true in these tin pot dictatorships round here but America is a democracy of over 28 million people. Are you saying all 280 milllion want to steal Gadaffi's billions?

      slg - 2011-03-01 06:36

      That's rubbish Marco

      AJ - 2011-03-01 07:01

      @marco - similarly, the idea that the US will somehow just loot all the money themselves is ludicrous. The money is available to the Libyan state, whether it is misused by them again or not is up for debate. Whilst the US and it's foreign policy is self-serving by and large, they access other countries wealth by investing in that country i.e. Libya - not by freezing a countries wealth and saying 'Ooh transfer to me please'.

      Ruffstuff - 2011-03-01 07:25

      @Marco. As others say, You better go back down the hole where Alice in Wonderland found herself. It is the fantasy world that would suit you. One thing we know about the Americans is that they change their President every 8 years which brings new blood and new ideas into their country plus maintaining their democracy. Dictators are the scourge of the world surprising its own people.

      Ruffstuff - 2011-03-01 07:30

      In my last comment - this should read "Dictators are the scourge of the world suppressing its own people

      Mucaine - 2011-03-01 07:43

      Well marco, the one thing the Americans did not manage to do, is send the salves back to Africa. Look who is running the country now.

      wilbureddings - 2011-03-01 08:14

      @Marco - On your small planet, 30 billion USD is a lot of money. That small amount doesn't even flicker on the radar of America's GDP. They don't give a rats' ass about peanuts like that, they want the oil!

      slojam - 2011-03-01 09:22

      @marco - You are 100% correct my friend. I am glad that there are a few people like you with their eyes open. Pay no attention to those who have been blinded by the trickery of the one-eyed! The $30 billion is only the tip of Gaddafi's wealth but it is a nice amount for America to 'bribe' a new Libyan regime that they can manipulate in order to gain access to the countries vast oil reserves. Give the money to the Libyan people you Yankee shmucks!

      marco - 2011-03-01 09:25

      @Rentboy no you silly cow.The US Government not your "28O million people" you taliking about don't be so damn daft.Watch the news and see how many deals were made between NATO nations and Gaddafi between 2004 and 2009 for his oil.Now these American and British officials I believe are holding their heads in shame after trying appease Gaddafi and make deals with him.Tony Blair from England,a key American ally,went to meet Gaddafi in 2004 in a ****ing tent in the desert to exchange billions in British business deals involving the release of Lockerbie bomber Abdelbaset Ali al-Megrahi,a man who had been convicted of murdering 270 people in 1988.There was socialising with Gaddafi’s bizarre son,Saif al-Islam.You tell me why Western governments would do things like that if there weren't anything in it for them- OIL and MONEY.How on earth did this happen?How was it that a government which preached an ‘ethical foreign policy’ in 1997–and which went to war against Saddam under the banner of democracy–ended up not just doing business with this tyrant but cutting sordid deals with him,and selling him weapons and armoured cars which he is using against his own people?It was mostly about trade, of course.Shell and BP wanted to move into Libya.In fact,at least 150 British companies,including British Airways,HSBC and Marks & Spencer, now do business there.American companies doing business in Libya:"Specific companies that have invested,including Halliburton,Conoco-Phillips and General Electric.And the New York's pension funds owns nearly $1 billion worth of stock in these three Fortune 500 companies,which have operations in Libya.And what's America's excuse for this "U.S. law does not apply to any foreign or offshore subsidiary so long as it is run by non-Americans."

      Lauren - 2011-03-01 09:33

      How you feeling this morning, Marco?

      Ingwe - 2011-03-01 10:02

      Bad day at the office Marco?

      GTFO - 2011-03-01 13:34

      marco...polo....marco.....oh polo

  • GrimReaper10 - 2011-02-28 23:00

    $30bn! nice. I'm sure they wont mind keeping....using it :p

  • U1 - 2011-03-01 01:03

    That is why the anc is in cahoots with gaddafi; they also want too pick up the trics of the trade to hide their stolen money!

  • U1 - 2011-03-01 01:05

    Again a Toyota involved in acivil war in Africa! Ban Toyota from Africa!! ;-)

      AJ - 2011-03-01 07:03

      I think one of the rebels used a tissue to blow his nose to. Let's ban Nampak also. Twinsavers are the enemy of freedom, right?

      Wendy - 2011-03-01 07:36

      LOL

      Paul - 2011-03-01 08:20

      stupit

  • Wendy - 2011-03-01 07:35

    ONLY DECENT THING AMERICA HAS DONE

  • Paul - 2011-03-01 08:15

    Yeah freezing his assets that will scare the daylights out of him and stop all the killing.... @rentboy American big buisness thrives on corruption and under the table deals, its how the American dream was built.

  • Paul - 2011-03-01 08:16

    @ Marco wht the hell are you smoking boet

  • jgillow7 - 2011-03-01 08:20

    hey marco you spot on!!!!At least someone reads a lot and has brains on the blog. Why is everyone so far up america's ass?Might i add Gaddafi and all these african leaders such as Mubarak all get there support from america.They have all oil and gas which the west wants. Morocco and tunisian governments were all supported by France too.Every year these guys flew into france and had a great party with all these french ministers.Mubarak got 1 billion dollars a year from america and not to mention the second hand weapon that were given to them by the states too.If america wanted democrocy then why didnt they bargain with egypt government and push for change?America used the Egypytian government because it benefited them and Israel.Look what the states have done to native american people,they still live in f*** reservations but they want to tell the world how they should live there life.The people of vietnam are still suffering because of america using a chemical weapon called agent orange.There is a part of vietnam where babies up to today are still being born deformed because of this weapon.You guys have been watching to much of america's propaganda tools like CNN and sky news. I advise all of you guys to actually do some reasearch before running your mouths,that way atleast you will have something intelligent to say. yes i am talking to you slg, AJ ,Mucaine ,wendy and Ruffstuff etc...seriously the information is on the net.Try googling sometime.Marco i salute you dude!!!

  • alousav - 2011-03-01 08:33

    Why is the world jumping in to get rid of Gadaffi and his cronies but his communist buddy in Zimbabwe gets away scot free? Hillary Clinton stated that "a leader who turns guns on his own people are not needed in this world". Little Hitler did exactly that and is still doing it. Is it because Zim does not have the oil that the USA wants?

      slojam - 2011-03-01 09:05

      Is the illegal state of Israel not turning their guns on his own people? Are the Palestinians not the citazens of the illegal state? Why doesnt Hillary not say or do anything about that? Why does the US not say or do anything about it? I guess a child cannot reprimand its parent? Brother Leader is wrong by all accounts but why does the world only jump to do something where they have interest in that country. Everyone wants the Libyian oil... that is their true interest. Not the safety and lives of the people! The same with Iraq, Kuwait, Bahrain, Oman and soon to be Saudi Arabia. In Israel... there is nothing of interest to them but a few olive branches! The so called promised land is not so rich in resources is it?

      Shino - 2011-03-01 09:47

      That's quite simple. They US have nothing to gain from helping out in Zimbabwe, so they do nothing. They have oil and mineral resources to gain by helping out Libya (one way or another).

      Crispy_Duck - 2011-03-01 11:07

      I agree with Shino...and besides...half of the Zimbo's are here anyway. We got the first batch in 1980 and the rest have been filtering in ever since.

  • jgillow7 - 2011-03-01 08:45

    For once people as an educational lesson read threads and articles from free lance journalist and not puppets.American's are idiots!America will use the assets to benefit them and place a government in libya which they want.They did this IRAQ and did it in Afganistan.The evidence is there for once use that thing that god has given you between your ears.Where was america when serbia was kiiling bosnian and albanian?10000 men were slaughtered in one day in a camp that suppose to have been by U.N peace keepers.Women were raped by the thousands. Please look it up!!!Few countries brought a resolution to the security council to stop the serbian government,everybody voted in favour of this resolution but america veto it.Reason,they didn't want a majority muslim country in the middle of Europe. Look at the images people,you will cry!Democracy perhaps,but they support murderers and dictators that manipulate there own people.They have secret torture camps in these countries-tunisia,Morocco,yemen,Egypt and algeria.All america government are idiots,George Bush was the worst.God told him that he must invade IRAQ.He said it not me,it was on tv.Where did you ever hear that?So called democracy.....Obama is the same!!!Different ban but same tune.America thinks they superior to everyone.They have army bases in Germany,the government and people is telling them to get out,they are not needed but america refuses.I have a german friend and has confirmed it!!Research people before attackiing people

      slojam - 2011-03-01 09:11

      Agree with you jg. There was nothing in it for America to intervene in the Serbian slaughter... no oil, no money! They only intervene where they can benefit. Working of the devil mind? But hey, America does what Israel dictates which is why they have not intervened on the ongoing slaughter in the Illegal State. The devils own :)

      Ingwe - 2011-03-01 09:41

      jgillow the US/NATO did intervene with regard to Serbia but they had to wait to the UN got their act together and Russia and China were doing their best to stall the process. In the end it was down to the US and NATO that stopped Serbia from killing more people. Oh and Germany well if it wasn't for the US Germany would not exist today as the Russian's would have taken it over during the Cold War. I also have friends who live in Germany and they realise the good that the US did standing up to Russia and now fighting the war on terrorism. If it was not for the US you would not be living in a free world. The fact that you and others post anti US comments and I can post pro US comments shows that you are living in a free world. You should try living in China, Russia or Iran and post some anti Chinese, Russian or Iranian comments on web sites and see what happens to you

  • KRABBZ - 2011-03-01 14:00

    Zimbabwe is sitting under large deposits of diamonds and will one day be the largest diamond producer in the world.They might be broke now but they are sitting under trillions. This is just one of the reasons why everybody is playing it safe with them it's hard to mine when a country is ravaged by civil war.

  • prontuit - 2011-03-01 14:56

    Listen up people. It's time to wake up and smell the coffee. American Imperialism is on the fast track. Who is pushing for a new world order? The USA. How are they going to achieve it. Easy: By democracy or should I say neo-socialism. That's right my friend. You will owe the asset but the goverment will dictate the use because the goverment is also dictated to. Eg. Land reform, wild life preservation etc. ringing a bell? Now, lets take a classic example - Iraq. They destroy the country, replace it with a pro-USA regime and offer them help in change for oil. Isn't it funny that all of a sudden every "dictator" (remember who's controlling the media)in Africa is struggling with a uprise? If I control the goverment either by debt or good relations, then I control that countries resources or oil. Not to mention the new opportunities I create for bussiness in my own country = globalism = Imperialsim. Not so much different from what happenend in this country. USA as allways the saviours because believe me they know how to play good cop-bad cop. Credit to all the open minded - except if you were rude ofcourse.

  • prontuit - 2011-03-01 14:57

    Listen up people. It's time to wake up and smell the coffee. American Imperialism is on the fast track. Who is pushing for a new world order? The USA. How are they going to achieve it. Easy: By democracy or should I say neo-socialism. That's right my friend. You will owe the asset but the goverment will dictate the use because the goverment is also dictated to. Eg. Land reform, wild life preservation etc. ringing a bell? Now, lets take a classic example - Iraq. They destroy the country, replace it with a pro-USA regime and offer them help in change for oil. Isn't it funny that all of a sudden every "dictator" (remember who's controlling the media)in Africa is struggling with a uprise? If I control the goverment either by debt or good relations, then I control that countries resources or oil. Not to mention the new opportunities I create for bussiness in my own country = globalism = Imperialsim. Not so much different from what happenend in this country. USA as allways the saviours because believe me they know how to play good cop-bad cop. Credit to all the open minded - except if you were rude ofcourse.

  • prontuit - 2011-03-01 15:05

    Listen up people. It's time to wake up and smell the coffee. American Imperialism is on the fast track. Who is pushing for a new world order? The USA. How are they going to achieve it. Easy: By democracy or should I say neo-socialism. That's right my friend. You will owe the asset but the goverment will dictate the use because the goverment is also dictated to. Eg. Land reform, wild life preservation etc. ringing a bell? Now, lets take a classic example - Iraq. They destroy the country, replace it with a pro-USA regime and offer them help in change for oil. Isn't it funny that all of a sudden every "dictator" (remember who's controlling the media)in Africa is struggling with a uprise? If I control the goverment either by debt or good relations, then I control that countries resources or oil. Not to mention the new opportunities I create for bussiness in my own country = globalism = Imperialsim. Not so much different from what happenend in this country. USA as allways the saviours because believe me they know how to play good cop-bad cop. Credit to all the open minded - except if you were rude ofcourse.

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