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U.K. Seizes £2B Libya Wealth Fund Assets

The U.K. has frozen the assets of Libya’s sovereign wealth fund, Libyan Investment Authority in London.

The U.K. has frozen the assets of Libya’s sovereign wealth fund, Libyan Investment Authority (LIA), in London, Financial Times reports. About £2 billion of assets belonging to LIA and other entities were frozen, including LIA’s custodian, HSBC, which holds a major part of the seized cash and assets.

The other frozen investments include the fund’s £226 million stake in Pearson and a £300 million property portfolio in London. Previously, the U.K. had seized about £1 billion in assets linked to Libyan leader, Muammer Gaddafi, and his children.

Click here for the story from Financial Times.

Click here for the additional coverage from The Wall Street Journal.

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