Friday, February 24, 2012

Libya and the unreachable and dwindling defrosted and frozen assets

"Efforts to release overseas assets tied to the Qaddafi regime have proved complicated and controversial. Releasing the assets will be both politically and legally complicated, because the frozen funds include investments and property owned by private individuals, such as members of Qaddafi's family. Not only has the new Libyan leadership claimed all the frozen funds as its own but American victims of Qaddafi-era terrorism have also clamored for compensation from the assets. [source ]

So President Obama just extended the sanctions on Libyan assets effectively delay business and payments etc..... but I don't think anyone was surprised reallly, it would have been too good to be true if  the money or whatever was in the assets was returned to Libya. First of all who has a legitimate claim to pick it up? I'm happy that no Libyan crooks would get their hands on it. But I don't think anyone of the Libyan people will ever see it again. It's a spoil of war and that is fashionable in the Libyan war of 2011 :P

My understanding is that the American victims of Qaddafi era terrorism have received their compensation why do they want more ? who are the other victims ? was this not settled? can people stop digging these old stories. Gaddafi is dead  I don't think any new Libyan government should be held at the barrel of a gun of the crazy past.

These assets are what the country is counting  on so as not be in debt and help with rebuilding...

In the same article the author states :
"the situation in Libya continues to pose an unusual and extraordinary threat to the national security and foreign policy of the United States, and we need to protect against this threat "

Why is Libya a threat? it is a war ravaged country .... don't understand the posturing.
It shows there is something fomenting, we hope it is nice and not devastating to the Libyan people ! 

Wherever Libya is turning it's head  it's assets are either still under sanctions or in a black hole ( like the sovereign funds ) or supposedly released in a way that makes them useless though I am aware of the level of corruption in Libya which is appalling and embarrassing  so I can understand the foreign countries  are looking to protect Libyans? 
Also who would blame them for keeping unclaimed assets  etc.... there is recession at their door every where  you turn around.  

Meanwhile the fabled Libyan assets are 'dwindling'

I have not read the executive order so no idea when does this renewal end  maybe it's just until we have an elected government ? 

update 2 am : just read it and this is what it says :

"Therefore, in accordance with section 202(d) of the National Emergencies Act (50 U.S.C. 1622(d)), I am continuing for 1 year the national emergency declared in Executive Order 13566."


NOMAD said...

may-be there's such a reason that prevails:

Of course, sweet crude il was a reason, since Gadhafi had told that he would allocate the fields to China

yesterday, I was investigating why Germany kept on making war on us, it was for rough material, so simple, when we were told it was because of old history accounts that were'nt sold out !

We had iron mines, and the Germans had coal mines, but iron was necessary for their Industry development !

Highlander said...

Nomad thanks most conflicts are for resources at the end of the day.

not sure what the link to the British WWII graves has to do with this, but I would say that the people who did this to the grave did the same to Libyan holy graves ( where the dead body was desecrated and not just the stone), statues and other stuff and is not condoned by the Libyan interim government nor the Libyan people and this has been voiced all over Libya and a formal apology was granted to the UK and the grave of the soldiers are now being repaired.

To get back to the topic, whatever reason prevails there should be a clear strategy for returning Libyan money with all the guarantees necessary. Barring that it is plain and simple piracy.

NOMAD said...

the money will not be returned, cuz the UK/US/EU are broke

hmm the graves desacralisation arosed the "islamist threat" against the westernies, and you know how the topic is sensible

Highlander said...

I agree that the money will not be returned some has already disappeared but I wanted to hear of others agreed with me :)
so in a way though sad it is good to hear someone else confirming my thoughts.
PS those 'islamists' have desecrated our tombs as well and also we need to remember that there has been lots of tomb desecration in Europe by different groups nothing to do with muslims.

Maya M said...

I am sorry for this development of affairs, and I cannot find any excuse for Western countries to hold Libya's assets.

Highlander said...

I actually think it is logical Maya because of the economic situation !

Maya M said...

Logical - yes, excusable - no.

Highlander said...

yep we are in agreement - but nothing can be done about it the sad state of affairs