Sweden freezes $1.6B of Libyan assets

AP News
Posted: Mar 23, 2011 3:52 AM
Sweden freezes $1.6B of Libyan assets

Sweden has frozen some 10 billion kronor ($1.6 billion) of assets belonging to Moammar Gadhafi's regime in Libya.

Jonatan Holst at The Swedish Financial Supervisory Authority says "it's not impossible" there could be more hidden in the Scandinavian country.

He would not give details of the public Libyan assets, but said Wednesday the information has been received by financial institutions in Sweden.

The Stockholm-based watchdog ordered Swedish companies to start reporting any financial links to the Libyan regime on March 2.

Holst says the value of the assets began to grow as more people with ties to the Libyan regime were added to the asset search list.