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

Just the hot list include
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 fixed4.76%4.80%
15 yr fixed4.08%4.13%
5/1 ARM4.32%4.46%
30 yr refi4.77%4.81%
15 yr refi4.08%4.14%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 25,080.50 -205.99 -0.81%
Nasdaq 7,136.39 -64.48 -0.90%
S&P 500 2,701.58 -20.60 -0.76%
Treasuries 3.12 -0.02 -0.79%
Data as of 6:38pm ET
Company Price Change % Change
General Electric Co 8.32 -0.29 -3.37%
Advanced Micro Devic... 20.81 1.20 6.12%
Baker Hughes A GE Co... 23.15 -0.65 -2.73%
Bank of America Corp... 27.21 -0.55 -1.98%
Apple Inc 186.80 -5.43 -2.82%
Data as of 4:15pm ET
Sponsors

Sections

Bankrupt toy retailer tells bankruptcy court it is looking at possibly reviving the Toys 'R' Us and Babies 'R' Us brands. More

Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More