Politico reports that 6 years after Muammar Gaddafi’s death, his regime’s frozen funds in Brussels are generating tens of millions of euros in interest for mystery beneficiaries, despite international sanctions. A POLITICO investigation into €16 billion of the Libyan dictator’s assets held in Belgium discovered big, regular outflows of stock dividends, bond income and interest payments. Legal documents, bank statements, emails and dozens of interviews point to a loophole in the sanctions regime. The interest goes to accounts belonging to the Libyan Investment Authority (LIA), the country’s sovereign fund, but it is not clear who runs the agency or gets any of the funds sent to its accounts. It is said to be difficult to determine who can access its various accounts. According to one person quoted, so far these funds have been spent on legal cases and on legal feuds within the LIA, nothing went to the people. The continued unrest in Libya with rival claimants for the funds frozen in the EU means the matter has not been finally settled.
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