ID: ARW-139
Muammar el-Qaddafi (and related entities and individuals) (Netherlands chapter)
According to a news article by The Netherlands Ministry of Foreign Affairs, on September 12, 2011, the Netherlands agreed to unfreeze US $2 billion in Libyan assets that had previously been blocked by the Dutch government. (Source: The Netherlands Ministry of Foreign Affairs, "The Netherlands unfreezes 2 billion dollars’ worth of Libyan assets," September 12, 2011.)
In August 2011, the (UK) Telegraph reported that the Netherlands had frozen some EUR 3.1 billion in Libyan assets. (Source: The Telegraph, "Libya: Netherlands gives £87 million of frozen assets to WHO, August 16, 2011.)
Mr. Qaddafi passed away on October 20, 2011 as of October 31, 2011 cases in investigatory stage as to other individuals and entities.(Source: New York Times, "Muammar el Qaddafi")
The legal basis for this asset recovery was United Nations Security Council sanctions.
Contributing factors in this asset recovery was the Transitional Financial Mechanism set up by the International Contact Group for Libya. The mechanism has safeguards in place to ensure responsible spending. The funds will go towards humanitarian needs, such as food and medicines, and education and salaries. (Source: The Netherlands Ministry of Foreign Affairs, "The Netherlands unfreezes 2 billion dollars’ worth of Libyan assets," September 12, 2011.)
Assets returned
The agreement for returned assets, according to a news article by the Netherlands Ministry of Foreign Affairs, "The money, which came from the Libyan Central Bank, will be made available to the National Transitional Council (NTC) through the Transitional Financial Mechanism set up by the International Contact Group for Libya. The mechanism has safeguards in place to ensure responsible spending. The funds will go towards humanitarian needs, such as food and medicines, and education and salaries." (Source: The Netherlands Ministry of Foreign Affairs, "The Netherlands unfreezes 2 billion dollars’ worth of Libyan assets," September 12, 2011.)
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