Turkey freezes Libyan holdings in Turkish bank

Jul 05 2011

(MENAFN) Turkey's banking regulatory fund said that following the country's recognition of Libya rebel leaders as the country's legitimate representative, the fund started a temporary control over a Libyan bank's 62 percent stake in a Turkish bank, reported Associated Press.

The fund added that the move came as a result of the UN Security Council's decisions to freeze Libya's foreign assets.

On the other hand, Turkish Foreign Ministry officials said that the country removed its ambassador from Libya, moreover, in May and out of security reasons, Turkey withdrew its staff from the Turkish embassy in Libya.

It is worth noting that since the political unrest started in Libya, the EU has frozen the accounts of the country's state-owned companies and investment funds, in addition to the accounts of key members in the Libyan regime.

Source: Middle East North Africa Financial News (MENAFN).
Link: http://www.menafn.com/qn_news_story_s.asp?StoryId=1093426328.