Turkey freezes Libya's assets in Arab-Turkish Bank

[News_Editor]

Turkey freezes Libya's assets in Arab-Turkish Bank

2011-07-05 05:05:21 GMT+7 (ICT)

ISTANBUL, TURKEY (BNO NEWS) -- Turkey's Savings Deposit Insurance Fund (TMSF) on Monday froze the Libyan assets in the Arab-Turkish Bank (A&T Bank), the state-run Anatolia news agency (AA) reported.

The Fund confiscated the A&T Bank (Arap Türk Bankası) after the Turkish government directed to freeze the assets of the Libyan Foreign Bank, the largest shareholder of the Turkish financial institution.

Furthermore, the TMSF removed A&T Bank's director-general and all board members representing the Libyan Foreign Bank which owns 62.37 of its stakes. The assets freeze and confiscation were taken in line with the United Nations resolutions 1970 and 1973.

Temporary managers were appointed by the TMSF as the measures will remain effective as long as the UN resolutions continue in place. The government assured that the A&T Bank's financial stability was intact and will continue operations as usual.

The European Union has also frozen the assets of the Libyan government, its companies and investment funds since the beginning of the uprising in the North African nation.

On Sunday, Turkey recognized the rebel's National Transitional Council as Libya's representatives during the visit of Foreign Minister Ahmet Davutoglu to Benghazi, the rebellion's stronghold.

Davutoglu also promised more Turkish aid amounting up to $200 million, which will be an addition to the $100 million granted last month to Libyan rebels at a meeting in Abu Dhabi.

Libya has been engulfed in a civil war since an uprising against Muammar Gaddafi's regime began in mid-February, while Libyan forces have been accused of violently cracking down on anti-government protesters.

NATO took control of foreign military operations in Libya on March 31 under UN Security Council Resolution 1973, which authorized member states to take 'all necessary measures' to protect civilians.

Last week, the International Criminal Court (ICC) issued arrest warrants for Gaddafi and two others, Saif Al-Islam Gaddafi (his son) and Abdullah Al-Senussi, for crimes against humanity. However, NATO announced that it will not seek the leader's arrest as it is not part of its mandate.

NATO forces have carried out frequent air strikes and imposed a no-fly zone over the North African country. At least 5,000 and as many as 13,000 people are believed to have been killed since the uprising began in February, fueled by successful revolutions in Tunisia and Egypt.

-- © BNO News All rights reserved 2011-07-05

[JemJem]

I hope Turkey will stop supporting the Islamo-fascist Iranian regime !

As for Libya.....do we even know what those rebels represent...what is their agenda ?

Why was Libya attacked while Syria (where worse atrocities have been committed by the government) wasn't ?!

Ah...I think I know...can the answer be "US, NATO and EU with their double standards" ?!

Jem

Edited July 5, 2011 by JemJem