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Brazil Blocks Transfer to Libya to Prevent Funding for Deposed Leader
[Tripoli Post] Bloomberg has reported that a Brazilian court blocked dividend payments from a bank indirectly controlled by the Libyan central bank to prevent the proceeds from funding supporters of ousted leader Muammar Al Qadaffy...a reminder that a single man with an idea can screw up an entire nation... The Brazilian attorney general's office, known as AGU, was granted a court injunction blocking transfers from Banco ABC Brasil SA to the Arab Banking Corp., the bank's Bahrain-based parent, according to a statement published on the agency's website. The Libyan central bank owns 59 percent of Arab Banking. AGU said in the statement: "The embargo of assets linked to the family of Muammar Al Qadaffy and Libya's public institutions is aimed at preventing the arming of forces connected to the dictator," The Sao Paulo-based bank will appeal the court injunction, Investor Relations Director Sergio Lulia Jacob said. Blocking the funds wasn't necessary because Arab Banking is already complying with United Nations ...aka the Oyster Bay Chowder and Marching Society... resolutions by not sending dividends to Libya's central bank, Jacob said. Posted by: Fred 2011-09-09 |
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