Libya’s Prime Minister, Abdul Hamid Dbeibah, announced the recovery of €15 billion in assets after a Belgian court lifted a judicial seizure on funds held by the Libyan Investment Authority (LIA) and Libyan Foreign Investment Company at Euroclear Bank, the Libya Observer reports. The assets had been frozen since 2017.
Dbeibah called the ruling a major step toward economic stability, supporting the national currency and safeguarding Libyan assets. The government and LIA team pursued a strategic approach to resolve the case, which included long-standing claims by Belgian Prince Laurent over a canceled 2008 contract.
Louay Al-Griew, LIA spokesman, confirmed the lifting of all seizures on LIA’s assets, which constitutes a significant legal victory. In July 2023, the Belgian Court of Appeal had upheld the freezing of the funds. The new ruling underscores Libya’s efforts to protect and reinvest national wealth for its citizens amid ongoing economic recovery efforts.
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