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€ 11 Billion Missing from Frozen Accounts of Gaddafi’s Family in Euroclear Bank

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EurAsian Times Desk
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Over € 11 billion vanished from the frozen accounts in 2011 from the Belgian bank Euroclear, which belonged to the family former Libyan ruler Muammar Gaddafi. Muammar Gaddafi was killed as a result of the invasion of the country by NATO forces. This was reported on Thursday by the Belgian magazine Le Vif.

The magazine published a bank statement according to which, as of November 30, 2013, four frozen under the UN sanctions accounted for € 14.2 billion in securities and € 1.9 billion in financial form. By the end of 2017, these accounts had, according to the official response to journalists, “was just under € 5 billion.” Thus, over € 11 billion disappeared from the frozen accounts, although no transfer of funds for them, in theory, was possible.

The accounts belonged to two Libyan investment companies: Libyan Investment Authority and its branch – Lafico. The money was frozen in March 2011 in the framework of the UN Security Council sanctions against Gaddafi and his family. This occurred about a month after the beginning of massive air strikes on the government forces of Libya by NATO air forces. The UN Security Council believed that frozen funds could be used in the future for the restoration of Libya after the end of the war and the creation of a Unity Government.

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However, after the killing of Gaddafi by the rebels in October 2011, the civil war in Libya never ended, but only acquired a multilateral character. Once, one of the most prosperous countries of North Africa remains in a state of chaos to this day, without having a real government. Therefore, “Gaddafi accounts” remained frozen.

Le Vif could put forward only one explanation of a “natural” disappearance of money. This could happen if from 2013 to 2017 securities of almost 500 large corporations, into which the main Libyan funds were invested, depreciated by 70%. However, this variant is rejected, since all major indices have only grown over this period (S & P 500 + 41%, Euro Stoxx 50 + 17%). Now the Belgian authorities have launched an investigation into this case, which threatens the country with a major international scandal.

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