The Dead Libyan dictator's oil billions is laying in Swedish bank accountsMonday, 24 October 2011
Gaddafi’s regime’s frozen oil billions in Sweden will continue to remain in Swedish custody for a long time. A new leadership does not necessarily mean that the money would be taken back to them as soon as possible according to Per Saland, official of the Swedish foreign office and the Swedish government sanctions coordinator.
Last Wednesday the Libyan dictator, Muammar Gaddafi was killed by his country men. The day after the Swedish government took the decision to allow the Board of Trade deal with the issue of frozen Libyan assets in Sweden.
This means that this is where the new Libyan rulers now should turn to they want to access the fallen Gaddafi regime's frozen investments in Sweden.
Exactly how much money we are talking about remains clouded with mystery. What is known are the sums that Swedish banks and financial institutions have in their books, which were reported to the Swedish FSA.
AdvertisementThis has to do with assets of about approximately Skr14 billion. That money belongs mainly to the the Libyan Central Bank and no requests from Libya has yet reached Sweden asking for the money according to Per Saland,
"Not as far as I know,” says Per Saland to Swedish business daily Dagens’ Industri.
There are many indications, however, that the money would stays in Sweden, according to Swedish foreign office ambassador’s assessment.
"It makes a logical error to believe that they are necessarily going to make a request so quickly to get the money back. All that money is not needed in Libya. Surely it's a lot of investments to get some return on their substantial oil revenues, "says Per Saland.
Equally difficult to answered the question of the size of the Libya billion in the possession of Swedish authorities as the question of how much money is in the rest of the world remain unknown.
As late as autumn 2007, the dictator had some Skr260 invested in stock markets around the world. But the Libyan foreign investment is far more significant.
A hit of some figure emerging from here and there show something of nearly 160 billion U.S. dollars, equivalent to nearly Skr1100 billion.
"It's about a huge sum of many, - many years of state money that stuff around the world. In that perspective, Skr14 billion is not a major amount, "says Per Saland.
Swedish foreign office ambassador describes a complex process of which Libyans would take to get the money back. The issue is governed by a UN resolution. Among other things, the Libyans must have civilian purpose and it must also be given the green light from the UN Sanctions Committee.
By Scancomark.se Team
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