By Sami Zaptia.
Tripoli, 22 May:
Further to the publication of Law No. 36 regarding ‘The Administration of the Assets and Properties of . . .[restrict]Some Individuals’ by Libya’s National Transitional Council (NTC), the Central Bank of Libya (CBL) has issued further clarification regarding the implementation of this law.
The law which stipulated the freezing of the assets of 338 entities (260 individuals and 79 companies) puts those listed assets under the control of the officially appointed administrator.
However, it was thought that any company that had a named individual in the list as a shareholder would be taken under the control of the administrator.
But the CBL has sent a circular, which Libya Herald has seen (Reference no. 137/2012), to all banks and concerned entities informing them that it is only the specific shareholding of any named individual in any particular company that is to be taken under the control of the administrator, and not the whole company.
The clarification circular also went on to explain that with regards to the ’Inma’ Economic and Social Development Fund (ESDF) companies, it is only those companies where the ESDF holds a majority holding that are to be taken over completely by the administrator.
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