Gambia unfreezes Libyan assets

Gambia’s Supreme Court on Monday upheld a request by the government to lift economic sanctions imposed on Libyan assets during the toppled regime of Muammar Gaddafi.

The move restores tens of millions of dollars in property invested by the Libyan Arab African Investment Company (LAAICO) in the West African country to the ruling National Transitional Council in Tripoli.

“I am satisfied that it is in the interest of justice to order and restore the possession, full control, management and administration of the Libyan African Investment Company to the Libyan National Transitional Council for the Libyan people,” Judge Amie Joof said.

The total amount of unfrozen assets was not disclosed by the Supreme Court, but LAAICO notably owns two luxury hotels in Gambia, the Jerma Beach on the coast at Kololi and the Laico Atlantic Hotel in the capital Banjul, as well as an amusement park for children.

In January, the authorities in Tripoli said that Libya had recovered $20-billion in assets abroad. About $150-billion were frozen by several countries in February 2011 under sanctions imposed on the regime led by Gaddafi, who was overthrown and then killed in October.

The National Transitional Council has regularly asked for the return of Libyan assets frozen abroad in order to rebuild the country.

During Gaddafi’s last years in power, Libya invested massively, mainly in Africa and in the Arab world. — Sapa

PW Botha wagged his finger and banned us in 1988 but we stood firm. We built a reputation for fearless journalism, then, and now. Through these last 35 years, the Mail & Guardian has always been on the right side of history.

These days, we are on the trail of the merry band of corporates and politicians robbing South Africa of its own potential.

To help us ensure another 35 future years of fiercely independent journalism, please subscribe.

Advertisting

South Africa has been junked

Treasury says the credit ratings downgrade “could not have come at a worse time”, as country enters a 21-day Covid-19 lockdown with little money saved up

Mail & Guardian needs your help

Our job is to help give you the information we all need to participate in building this country, while holding those in power to account. But now the power to help us keep doing that is in your hands

Press Releases

The online value of executive education in a Covid-19 world

Executive education courses further develop the skills of leaders in the workplace

Sisa Ntshona urges everyone to stay home, and consider travelling later

Sisa Ntshona has urged everyone to limit their movements in line with government’s request

SAB Zenzele’s special AGM postponed until further notice

An arrangement has been announced for shareholders and retailers to receive a 77.5% cash payout

20th Edition of the National Teaching Awards

Teachers are seldom recognised but they are indispensable to the country's education system

Awards affirm the vital work that teachers do

Government is committed to empowering South Africa’s teachers with skills, knowledge and techniques for a changing world

SAB Zenzele special AGM rescheduled to March 25 2020

New voting arrangements are being made to safeguard the health of shareholders

Dimension Data launches Saturday School in PE

The Gauteng Saturday School has produced a number of success stories