Free Headline Alerts     
Worldwide Web


Monday, May 9, 2011     INTELLIGENCE BRIEFING

Global coalition 'locking down' on Libya's assets

WASHINGTON — The United States has expanded its new sanctions regime on Libya.


The sanctions have included a ban on Americans dealing with Libya's state-owned investment company assigned to build a defense industry in the North African state. The company has already been working with Italy for aerospace production and maintenance, Middle East Newsline reported.

"The United Nations and countries around the world are locking down the government of Libya's assets to prevent the Gadhafi regime from sponsoring further bloodshed," Treasury Department official Adam Szubin said.

Secret Gum Disease & Bad Breath Cure, 100% Guaranteed!

Also In This Edition

Szubin, director of Treasury's Office of Foreign Assets Control, said sanctions were imposed on three Libyan state-owned companies. Under the latest measures, Americans would be banned from doing any business with these firms.

The companies were identified as Libyan Jamahiriya Broadcasting Corp., Dalia Advisory and Lafico Algeria Holdings. Dalia, based in London, is owned by the Libyan Investment Authority and has facilitated arms deals with Western and other companies.

Officials said assets of these Libyan companies were eligible for seizure in the United States. They said the administration of President Barack Obama might relay some of these assets to the Libyan rebels.

Lafico has been based in Algeria and served as a subsidiary of the Libyan Arab Foreign Investment Co. Treasury did not further identify Lafico, but officials said the latest sanctions angered Algeria, deemed an opponent of the Libyan rebel movement.

"All of their assets should be frozen," Szubin said.

About Us     l    Privacy     l     l
Copyright © 2011    East West Services, Inc.    All rights reserved.