Libyan-French talks on protecting frozen assets
LIBYA – The chairman of the board of the Libyan Investment Authority, Dr Ali Mahmoud, has discussed ways of applying UN Security Council resolutions on Libya’s frozen assets and preserving their value, at a meeting in Paris at the headquarters of the Directorate General of the French Treasury, part of the Ministry of Economy and Finance.
The meeting was attended by Libya’s chargé d’affaires in France, Mohamed Hamouda, while the French side was represented by Emmanuel Chay, deputy director in charge of sanctions and combating financial crime, and a team specialising in sanctions and frozen funds.
Reinvesting cash while the freeze stays in place
According to the authority’s media office, the meeting discussed mechanisms that would allow frozen cash balances to be reinvested without being removed from the freeze regime, with the aim of limiting the erosion of their value and improving returns in line with international resolutions.
A portfolio of more than $1 billion in France
The two sides reviewed technical and practical aspects of the authority’s assets and investments in France, which are worth more than $1 billion and are spread across deposits, financial investments and real estate.
The meeting is part of the authority’s efforts to protect its assets and improve their management in coordination with the competent authorities in host countries, and in line with the relevant international legal frameworks.
