Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Gambia lifts sanctions on Libyan assets

06 March 2012, 10:02

Gambia - Gambia's Supreme Court on Monday upheld a request by the government to lift economic sanctions imposed on Libyan assets during the toppled regime of Muammar Gaddafi.

The move restores tens of millions of dollars in property invested by the Libyan Arab African Investment Company (LAAICO) in the west African country to the ruling National Transitional Council in Tripoli.

"I am satisfied that it is in the interest of justice to order and restore the possession, full control, management and administration of the Libyan African Investment Company to the Libyan National Transitional Council for the Libyan people," judge Amie Joof said.

The total amount of unfrozen assets was not disclosed by the Supreme Court, but LAAICO notably owns two luxury hotels in Gambia, the Jerma Beach on the coast at Kololi and the Laico Atlantic Hotel in the capital Banjul, as well as an amusement park for children.

In January, the authorities in Tripoli said that Libya had recovered $20bn in assets abroad. About $150bn were frozen by several countries in February 2011 under sanctions imposed on the regime led by Gaddafi, who was overthrown and then killed in October.

The National Transitional Council has regularly asked for the return of Libyan assets frozen abroad in order to rebuild the country.

During Gaddafi’s last years in power, Libya invested massively, mainly in Africa and in the Arab world.


Join in the conversation on News24 Kenya’s Facebook page.

Get the latest news by following us on Twitter



Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Submitted by
Eugene Odanga
WATCH: Kaka Sungura arrested in t...

Was Kaka Sungura arrested in town?

Submitted by
Victor Tinto
Confused Jubilee afraid of me, Ki...

The Jubilee Party is afraid of me, Evans Kidero says. Read more...

Submitted by
Victor Tinto
Sonko ready for Peter Kenneth bat...

Nairobi Senator Mike Mbuvi Sonko says that he is ready to take on Peter Kenneth in Nairobi Gubernatorial nominations come 2017. Read more...

Submitted by
Victor Tinto
Uhuru wants change in Constitutio...

The Jubilee Coalition is planning to change the Constitution and add President Uhuru Kenyatta another term, Kalonzo Musyoka claims. Read more...

Submitted by
William Korir
CORD to stop Jubilee efforts to r...

The CORD Coalition will not allow plans to remove Kenya from the Rome Statutes take place, it has said. Read more...

Submitted by
William Korir
How long will it take Kenya to le...

Kenya is looking to leave the ICC. But what is the process behind the exit? Read more...