Financial and Banking News
Libyan Assets in Italy Frozen, Fiat Sale Denied
Court action by two small Italian companies has resulted in a total of Lire7bn ($4.9mn) of Libyan state bank deposits being frozen in Italy. The plaintiffs, Co.Fa and C.F. SpA are owed Lire2.77bn and Lirelbn respectively for machinery exports to Libya in 1980-81 which are still unpaid. The court has sequestered bank accounts held by Umma Bank, Jamahiriya Bank, Wahda Bank, the Central...