Reply #44: Reuters: EU to add Libya investment body to embargo -diplomats

[pinboy3niner]

UPDATE 1-EU to add Libya investment body to embargo -diplomats

Mon Mar 7, 2011 10:10am EST

* Sanctions could be agreed as soon as Tuesday

* Libyan Investment Authority has broad EU investments

* Holdings include stakes in Italy's UniCredit, Finmeccanica


(Adds details, quote)

BRUSSELS, March 7 (Reuters) - European Union member states are set to extend sanctions imposed on Libya to include the Libyan Investment Authority, a $70 billion sovereign wealth fund with major European investments, diplomats said on Monday.

If none of the EU's 27 member states voices an objection, the Libyan investment body will automatically be added to the embargoed list from around midday on Tuesday, as will several other Libyan financial organisations, the diplomats said.

"The Libyan Investment Authority is on a new list of Libyan entities being targeted by the sanctions," one of the diplomats told Reuters. Another said that "a handful" of other Libyan financial entities would be added at the same time.

It was not immediately clear what impact the sanctions would have on the LIA, but sources said it would likely mean its investments in any EU member state would be frozen.

http://www.reuters.com/article/2011/03/07/eu-libya-sanctions-idUSLDE7261J920110307