Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Swiss government freezes Gadhafi's assets

Libyan leader Moammar GadhafiThe Swiss government froze the assets of Moammar Gadhafi on Thursday. By Charles Riley, staff reporter


NEW YORK (CNNMoney) -- Switzerland's government has moved to freeze any assets in the country's banks that might belong to Libyan leader Moammar Gadhafi, the Swiss Federal Department of Foreign Affairs said Thursday.

"The Federal Council [Bundesrat] has decided to freeze any assets of Moammar Gaddafi and those surrounding him, in Switzerland, with immediate effect," the Swiss Federal Department of Foreign Affairs said in a statement.

The move comes after ten days of protests that have lost Gadhafi control of eastern Libya and led prominent members of his own government to defect and join demonstrations.

Gadhafi has shown no signs that he's ready to give up the post he has held for 42 years.

It was not immediately clear what assets, if any, Gadhafi keeps in Switzerland.

For the Swiss government, it's a case of deja vu, as the country moved earlier this month to freeze the assets of Egyptian President Hosni Mubarak and his family, following protests in that country that led to his resignation.

The Swiss banking system is known for its secrecy. But in recent years, the banks have made concessions in the interest of providing more transparency. To top of page

Overnight Avg Rate Latest Change Last Week
30 yr fixed4.02%4.09%
15 yr fixed3.19%3.25%
5/1 ARM3.18%3.28%
30 yr refi4.04%4.09%
15 yr refi3.24%3.25%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 20,596.72 -59.86 -0.29%
Nasdaq 5,828.74 11.05 0.19%
S&P 500 2,343.98 -1.98 -0.08%
Treasuries 2.40 -0.02 -0.74%
Data as of 11:44am ET
Company Price Change % Change
Bank of America Corp... 23.12 0.05 0.22%
Micron Technology In... 28.43 1.96 7.40%
Advanced Micro Devic... 13.70 -0.09 -0.65%
Ford Motor Co 11.62 -0.05 -0.43%
Chesapeake Energy Co... 5.22 0.13 2.55%
Data as of Mar 24
Sponsors

Sections

Four countries included in the U.S. electronics ban list -- the United Arab Emirates, Qatar, Kuwait and Morocco -- are absent from the U.K. restrictions. More

The GOP effort to repeal Obamacare is on ice for now. What happens to your health care coverage? More

In a company-wide email on Friday, Hampton Creek CEO Josh Tetrick wrote that both the SEC and the Department of Justice have closed their inquires into the company's so-called mayo-buyback scheme. More