Libyan-backed foundation has assets frozen

A Geneva-based foundation has had its assets frozen as part of the measures taken against Libyan leader Moammar Gaddafi and his associates.

Although the “Gaddafi International Foundation for Charity Organisations” does not figure by name on the Swiss sanctions list, it has been affected because the foundation president is Saif al-Islam Gaddafi, one of the leader’s sons. Saif al-Islam also chairs another Tripoli-based foundation with a similar name: “Gaddafi International Charity and Development Foundation”.

The head of the sanctions department at the State Secretariat for Economic Affairs confirmed a report to this effect in Friday’s edition of the Blick newspaper.

The sanctions decree freezes the money of organisations under the control of anyone named in the list.  

The foundation is listed on the commercial register as pursuing charitable aims. It is not known how much capital it has.

The Swiss government has said SFr360 million ($404 million) has been blocked as a result of the sanctions against the Libyan regime.

The name of the former foreign minister Mussa Kussa was removed from the Swiss list this week. He resigned his position in March and left the country.