Johannesburg — An agreement has been reached on the repatriation of Libyan funds and assets from South Africa, the Treasury said on Thursday.
"The Minister of Finance, Pravin Gordhan, has agreed with the Libyan government that the repatriation from South Africa of Libyan funds and assets will be handled in terms of United Nations (UN) protocols," it said in a statement.
The agreement was reached at a meeting between Gordhan and a Libyan government delegation on June 4. The Libyan delegation was led by Usama al Abid, the Minister in the Office of the Libyan prime minister.
"The decision was informed by the fact that the government of Libya established a single body in 2012 to co-ordinate the repatriation of assets to Libya," Treasury said.
This body co-operated with the committee formed in terms of the UN Security Council Resolution 1970 (2011) and the panel of experts which co-ordinated repatriation to Libya of assets frozen in various countries.
In particular, the panel identified and monitored hidden assets of the Libya Investment Authority, the Libya Africa Investment Portfolio and the Libya Africa Investment Company, as well as the assets of individuals listed under the relevant UN Security Council resolutions.
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