Asset Recovery Watch

ARW-139
Muammar el-Qaddafi (and related entities and individuals) - Netherlands Asset Return
Libya
President (1969-2011)
Netherlands
Undertaking Recovery Effort, Location of Recovery Effort, Asset Location / Alleged Asset Location
2011
2011
Art.20
No
United Nations Security Council sanctions
Unknown
Unknown
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.)
Completed
Investigation/Asset Tracing/Asset Restraint
$2 billion in Libyan assets returned; unspecified as to whether any of the assets were owned by Mr. Qaddafi or his family or associates
Yes
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.)

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 (Source: New York Times, "Muammar el Qaddafi"); as of October 31, 2011 cases in investigatory stage as to other individuals and entities.