Algeria to freeze Qadhafi's assets

Djoudi reportedly ordered the freezing of Libyan assets in May

Algerian finance minister Karim Djoudi is reported to have sent 'secret' instructions to the banks, insurance companies and all local and foreign accredited institutions to freeze assets belonging to members of the Libyan government, according to Algerian media sources.

It is also reported that Djoudi ordered all Libyan assets, including real estate, funds and investments in Algeria to be tracked down and frozen.

Djoudi confirmed his instructions on 6th June, but it appears attempts to locate Libyan assets in Algeria had already started at this date.

The Algerian government was quick to point out that this action did not signal a change in their approach to Libya or the West.

Algerian foreign ministry spokesman Amar Belani told Magharebia that the decision to freeze Libyan assets “doesn't mean there has been a change in Algeria's position on this conflict, or that it is aligning itself with the West's position.”

“All Algeria has done is to comply with the UN resolutions,” Belani said.

On 5th June, the daily Arab-language newspaper Echourouk published Djoudi's order, in the form of a letter to the banks and other financial institutions, dated 12th May.

There does seem, however, to be some suspicion as to the veracity of the letter.

It has been suggested that the letter is merely an attempt by the Algerian government to help further its public denial of support for Libya's Mu'ammar Qadhafi regime.

Sources: Menas Associates, Africa News, Magharebia, Xinhua

For more information, please see the Menas ACCS website here.