The Luxembourg Court of Appeal ordered the transfer of Libyan assets held by the non-profit trust fund owned by the Belgian prince, including targeting Luxembourgian banks, to the Sustainable Development Fund.
According to the French website Africa Intelligence, Luxembourg will have to transfer the funds belonging to the Libyan Investment Authority in favor of the request of the fund owned by the brother of the King of Belgium.
The Brussels Court of Appeal confirmed that it had ordered the temporary seizure of the funds of the Libyan Investment Authority, which totaled 15 billion euros.
For its part, the Court of Appeal announced the validity of an international warrant issued to arrest the head of the Libyan Investment Authority.
The French website further reported that the Belgian judge continues to pursue the tracking of 15 billion euros. He has opened several lines of investigation indicating that Libyan funds are currently circulating within banks in the United Kingdom and the United Arab Emirates. It is important to consider these funds, which were deposited in ABC accounts. ABC Bank has headquarters in Bahrain and also operates in London. It is 59% owned by the Central Bank of Libya, where Siddiq al-Kabir, the Governor of the Central Bank of Libya, serves as a non-executive director of the bank.
