Libya Withdraws $1 Billion Assets Frozen in U.S.

[Khephra]

TRIPOLI (Reuters) - The Libyan Central Bank has withdrawn $1 billion of assets which had been frozen for almost two decades in the United States on Washington's orders, a Libyan central bank official said Wednesday.

The move follows the ending of a broad U.S. trade embargo in September by President Bush to reward Libyan leader Muammar Gaddafi for giving up weapons of mass destruction.

The previously frozen assets, which have been invested in various countries, are believed to include equity holdings in banks. The original size of the funds was about $400 million, Central Bank Vice-President Farhat Omar Ben Gdara told Reuters.

"This (transfer) process was completed within the last two weeks," he said.

http://www.reuters.com/newsArticle.jhtml?type=worldNews&storyID=7103312

[KingChicken]

1. What have we learned: Don't trust the U.S. government

At least they still got the interest...

[aquart]

2. Not worth much with the dollar down.

[louis-t]

3. I still don't trust Qaddafi.

But he sho' is rich now.

[elehhhhna]

4. WTF? READ THIS:

NEW YORK, Nov 28, 2004. Authorities looking into the illicit transfers of nuclear weapons technology have recently uncovered a South African-based scheme to deliver a complete uranium enrichment plant to Libya, the Los Angeles Times reported Sunday.

Citing documents and interviews, the newspaper said the discovery provided fresh evidence of the reach and sophistication of Pakistani scientist Dr Abdul Qadeer Khan's global black market in nuclear know-how and equipment.

The startling dimensions of the plot began to emerge in September, when police raided a factory outside Johannesburg. They found the elements of a two-story steel processing system for the enrichment plant, packed in 11 freight containers for shipment to Libya the paper said.

South African officials have disclosed only that they discovered nuclear components. The Times has learned that the massive system was designed to operate an array of 1,000 centrifuges for enriching uranium the report said.

Once assembled in Libya, the plant could have produced enough weapon-grade uranium to manufacture several nuclear bombs a year, according to the report. Delivery of the plant would have greatly accelerated Libya's efforts to develop nuclear weapons, The Times said.

[Deja Q]

5. How many leaders would any of us trust?

:evilgrin:

[Barkley]

6. Would these previously frozen 'assets' happen to include T-bills ?

When you're running deficits like ours you need folks to buy up your debt.

Libya's funds of $400 million proves that it portends to be a substantial debt customer.

[Old and In the Way]

7. So let's reframe this.

In return for Kaddafi's testimonial and "repentence" in giving up his WMD program, they get their money back...with interest. Nice quid-pro-quo. I'm sure none of that will find its way back into terrorists hands, though....