Thu. May 30th, 2024

Libyan authorities have embarked on a series of legal proceedings to challenge a Belgian court ruling to confiscate about $15 billion of its funds frozen abroad.

The Libyan Investment Authority initiated the case at the level of the World Bank’s International Center for Dispute Resolution.

The dispute between the two parties dates back to 2008, when the issue was moved by the heir to the Belgian throne, Prince Laurent, over a project to afforestation of desert areas in Libya.

The prince has since sought an estimated 37 million euros ($39.3 million) in addition to interest.

Libya faces challenges in recovering its frozen funds abroad, estimated at about $ 150 billion, in addition to 144 tons of gold, according to a previous report published by the agency “Reuters”.

Last November, the Libyan Investment Authority succeeded in lifting judicial seizures on its assets in France and was able to recover a cargo plane detained in Malaysia.

As efforts to recover funds escalate, some politicians in Libya are concerned about the international community’s confidence in the country’s current anti-corruption efforts.

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