Security Council: The ‘A3+’ group expresses its concern over the misuse of Libya’s frozen assets by international financial institutions.

“New York (United Nations) – The ‘A3+’ group in the UN Security Council expressed its concern today, Thursday, regarding the ongoing ‘erosion’ of Libya’s frozen assets due to their misuse and mismanagement by certain international financial institutions, affirming that the Libyan people must benefit from full compensation for these violations.

This was stated in a speech delivered by Algeria’s permanent representative to the United Nations, Mr. Amar Ben Jamaa, on behalf of the ‘A3+’ group (Algeria, Somalia, Sierra Leone, and Guyana), during a Security Council session chaired by Algeria as the current president of the council to discuss the situation in Libya, following the council’s vote on a resolution renewing the mandate of the expert team of the sanctions committee established under resolution 1970.

Mr. Ben Jamaa began his speech by emphasizing that ‘despite the shortcomings in the text of this resolution, the ‘A3+’ group voted in favor of it. We recognize the merits of many of its provisions and the significant progress made in this resolution.’

He also expressed the ‘A3+’ group’s welcome of the first-of-its-kind decision taken by the council to finally allow the Libyan Investment Authority to reinvest its frozen assets, in order to preserve their value for the benefit of the Libyan people at a later stage.’

In the same context, Mr. Ben Jamaa expressed the group’s grave concern about the ‘ongoing erosion of Libya’s frozen assets due to their misuse and mismanagement by certain international financial institutions that must be held accountable,’ stressing that ‘the Libyan people must benefit from full compensation and complete redress for these violations.’

The Algerian diplomat stated that the group ‘has taken note of the encouraging progress in removing individuals and entities from the sanctions list who no longer meet the criteria for their placement on this list.’

He pointed out that ‘the sanctions committee, starting today, will inform the Permanent Mission of Libya in New York of all correspondence related to the committee,’ considering this ‘an additional improvement that will enhance the effectiveness and transparency of our work as council members and will allow for the official communication of any developments concerning Libya’s frozen assets.’

The group also took note of the amendments made to paragraph nine of resolution 1970, which allow member states to provide technical assistance for the establishment of the proposed coordination center in response to a request from the Libyan Presidential Council, as stated by Mr. Amar Ben Jamaa, who clarified that this provision will be implemented in close coordination and with the approval of the legitimate Libyan government recognized by the international community.

Regarding the political situation in Libya, the group expressed its ‘steadfast commitment to a political process led and owned by Libyans under the auspices of the United Nations,’ urging in this context the immediate withdrawal of foreign troops, foreign fighters, and mercenaries, and full respect for Libya’s unity, sovereignty, and territorial integrity.

Mr. Ben Jamaa reiterated that ‘the group stands in solidarity with the Libyan people who have suffered greatly due to miscalculations and the rapid decisions made in the past by this esteemed council.’

The ‘A3+’ group concluded by urging the council to take responsibility and support the Libyan people, particularly through an environment that allows for the organization of free, fair, and inclusive elections that enable the Libyan people to build a better future for themselves and their country.”

APS