Go-ahead given to return Libyan assets

The United Nations Security Council has given the Swiss authorities the green light to return SFr350 million ($399 million) of blocked funds to Libya.

This content was published on September 15, 2011 - 11:56 and agencies

A spokeswoman from the State Secretariat for Economic Affairs (Seco) confirmed on Thursday that Switzerland received the go-ahead at the beginning of the week.

She said the money would not go to Libya’s National Transitional Council but to international or Libyan humanitarian organisations.

Seco said the SFr350 million did not originate from the Gaddafi clan but exclusively from Libyan state enterprises.

In all, Switzerland froze Libyan assets worth SFr650 million earlier this year after the UN  imposed financial sanctions on the North African country.

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