Libya’s European Assets Begin to Unthaw
The Libyan Investment Authority’s (LIA) European investments are unthawing from being frozen during Gaddafi’s overthrow. This unfreezing of assets has been hastened by continental Europe’s need for foreign investment. Italy and Libya have preserved substantial economic ties over the past decades. Recently, LIA’s investments in Italy were released from judicial seizure. In July 2012, LIA’s equity interest in Eni S.p.A. was released. Stakes in UniCredit S.p.A. and Finmeccanica S.p.A. were released as well. The government of France indicated they will start releasing nearly US$ 1.865 billion in frozen assets belonging to the Libyan Investment Authority. Libyan officials are on a mission for ongoing asset tracing and asset recovery efforts.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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