Libyan Prime Minister Abdul Hamid Dbeibah announced on Tuesday that a Belgian court has lifted the seizure of €15 billion in assets belonging to the Libyan Investment Authority (LIA) and the Libyan Foreign Investment Company (LAFICO) held at Euroclear Bank.
Dbeibah highlighted the extensive efforts required to resolve the complex legal case, which involved intensive meetings and a strategic approach. He emphasized that the ruling is not just a legal victory but a significant step toward strengthening Libya’s economy, supporting its national currency, and safeguarding the country’s financial assets.
The Prime Minister affirmed his government’s commitment to defending Libya’s resources and ensuring they are invested for the benefit of all citizens.
Louay Al-Griew, spokesperson for the LIA, confirmed the ruling marks a new milestone, ending the judicial seizure on the Authority’s assets since 2017. He credited the success to the diligent and strategic efforts of the LIA team.
The case originated from a 2008 dispute involving Belgian Prince Laurent, who sought €50 million in compensation over a canceled contract with the Libyan Ministry of Agriculture. In July 2023, the Belgian Court of Appeal upheld the freezing of the €15 billion, but the latest decision overturns that ruling, freeing the assets for Libya.