Omar Tantush, head of the Planning, Finance, and Public Budget Committee in the House of Representatives and a member of the Investigation and Asset Tracking Committee, said that the committee has called on the Security Council and the International Sanctions Committee to adopt a resolution to appoint a highly experienced global financial auditing firm, similar to what was done with the Central Bank of Libya, to review all frozen Libyan assets in banks from 2011 to the present day.
Comprehensive Review of Frozen Funds
In exclusive statements to Alhurra channel, Tantush explained that the goal of this step is to prepare a final report to be submitted to the Security Council and the Sanctions Committee to determine the fate of the frozen funds, ascertain their true value, and find out if they were misused or if illicit profits were generated that should be added to the total assets.
He said, “We have found a very positive response from the Sanctions Committee and friendly nations to this proposal, which would clearly reveal where our funds are and what has happened to them over more than 14 years.”
Slow Response from Foreign Banks
Tantush revealed that the Libyan Investment Authority has contacted a number of banks holding these funds abroad but faced slowdowns and reluctance in implementing decisions, citing a lack of clarity in the interpretation of certain clauses and their application mechanisms.
He stated that the investigation committee has asked the Security Council and the Sanctions Committee to issue an urgent explanatory note clarifying to the concerned banks and countries how to implement Resolution 2769 in a way that ensures the protection of Libya’s financial rights.
Demand for Safe Investment of Frozen Assets
Tantush noted that the committee has stressed the necessity of allowing a portion of these assets to be invested in low-risk projects (Very Low Risk Ventures) so their value does not erode over time. He confirmed that this approach is supported by international bodies seeking to secure financial returns in a legal and regulated manner.
Distinction Between the Assets Committee and the Proposed Firm
The head of the Planning and Finance Committee concluded his statement by clarifying that the proposed international firm differs from the Frozen Assets Committee. The latter will be concerned with tracking known and officially frozen funds, while the firm will be tasked with pursuing looted and hidden funds by aides of the former regime, with the aim of recovering them and returning them to the Libyan treasury.