U.S. freezes $30 billion of Libyan assets

libya_assets.gi.top.jpgU.S. government officials froze $30 billion in Libyan assets on Friday. By Ken Sweet, contributing writer


NEW YORK (CNNMoney) -- The U.S. government froze at least $30 billion of Libyan government assets -- the largest amount ever blocked under a U.S. sanctions program, a senior Treasury Department official said Monday.

It's the latest move by international players in recent days to try to contain Libyan leader Moammar Gadhafi after his violent crackdown on anti-government protestors last week.

David Cohen, the Treasury Department's acting under secretary for Terrorism and Financial Intelligence, declined to say how much belonged to Gadhafi or his family, or if it belonged to the Libyan Investment Authority -- the country's largest sovereign wealth fund.

In a press call, Cohen said there was no evidence that Gadhafi or any other Libyan government official had tried to tap those accounts in order to liquidate them.

Last week, the Swiss Government moved to freeze any assets belonging to Gadhafi. And over the weekend, the U.K. and the European Union also froze some assets and announced sanctions..

Libya reportedly has tens of billions of dollars of assets deposited or invested in countries around the world that is primarily channeled through its sovereign wealth fund.

Libyan officials told U.S. officials in January 2010 that the country had approximately "$32 billion in liquidity" held in U.S. banks, according to secret diplomatic cables released by WikiLeaks. At that time, Libyan officials also said the U.S. banks were handling $300 million to $500 million each.

Michael Maduell at the Sovereign Wealth Fund Institute said that the majority of Libya's sovereign wealth assets are located outside the U.S., mostly in Europe and in African companies.

-- CNN supervising producer Adam Levine contributed to this report. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.21%4.16%
15 yr fixed3.27%3.25%
5/1 ARM3.51%3.38%
30 yr refi4.20%4.15%
15 yr refi3.27%3.24%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 17,156.85 24.88 0.15%
Nasdaq 4,562.19 9.43 0.21%
S&P 500 2,001.57 2.59 0.13%
Treasuries 2.60 0.01 0.42%
Data as of 8:30am ET
Company Price Change % Change
Bank of America Corp... 16.77 0.06 0.36%
Apple Inc 101.58 0.72 0.71%
Yahoo! Inc 42.59 -0.12 -0.28%
Microsoft Corp 46.52 -0.24 -0.51%
Alcoa Inc 16.28 0.12 0.74%
Data as of Sep 17

Sections

Alibaba founder Jack Ma could earn as much as $867 million from his company's market debut. More

The Federal Reserve is probably not going to raise interest rates until the summer of 2015 at the earliest. More

Frederick Hutson launched Pigeon.ly in 2012 to help inmates communicate with their friends and family. He's on target for $1 million in sales this year. More

Occupy Wall Street offshoot Strike Debt says it has abolished nearly $4 million in private student loan debt for students who attended Everest College, part of Corinthian Colleges. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.