Jan 31 2012
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Egypt to freeze USD1.5bn assets of 7 firms with suspected Gaddafi links
The seven companies are suspected to have links with the late Libyan dictator Muammar Gaddafi and are part of a list of nine companies identified by the United Nations Security Council on October 8, 2011. Seven of these companies are still active in Egypt, according to a foreign ministry communication informing the Central Bank of Egypt of the intention to freeze these assets.
The UN sanctions on Libya were lifted in December 2011, but the companies in question are still on a list of firms with links to Gaddafi, and no action had been taken against them in the past.
The seven companies are: Ouia Real Estate Investment, Arabic International Company For Hotels & Tourism, El Dawleya For Investment Services, Arab Company For Touristic Projects, Arab Agricultural Projects Company, Libyan Foreign Investment Company and The Egyptian Libyan-Sudanese Agriculture Company, according to one person close to the matter.
Another person close to the matter confirmed to Zawya that the total value of assets owned by these companies aggregates more than USD 1.5 billion.
According to last week's communication from the foreign ministry, the central bank has been informed of the decision to freeze the assets of the companies that are on the list accompanying UN Security Council Resolutions 1970 and 1973 of 2011.
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