News / National
Zimbabwe remains silent on freezing Gaddafi's assets
03 Apr 2011 at 00:59hrs | Views
In accordance with the UN Security Council resolution on freezing all Gaddafi's assets Zimbabwe has remained silent while South Africa taken action and Zambia has sought clarification on whether the resolution would have any effect on massive investments undertaken by the embattled Libyan leader's regime in the southern African country.
One of Gaddafi's sons, Saadi, was in Zimbabwe in August 2010 to seek business opportunities and made sizeable investment proposals. During his stay in the country so far, Mr Gaddafi met the Ministers of Tourism, Agriculture, Economic Planning and the ZIFA Board and Executive.
Gaddafi and President Robert Mugabe are largely seen as close allies.
Observers have however argued that the Arab strongman's investments in Zimbabwe are paltry and it could be the reason why there is silence.
According to export figures from Zimtrade, the national investment body, Zimbabwe exported only US$390 000 worth of goods to Libya from 2005 and 2009.
It says a Libyan Foreign Bank owns 96.6 million shares which is, around 14.12% of Commercial Bank of Zimbabwe Holdings Ltd's total issued share capital.
One of Gaddafi's sons, Saadi, was in Zimbabwe in August 2010 to seek business opportunities and made sizeable investment proposals. During his stay in the country so far, Mr Gaddafi met the Ministers of Tourism, Agriculture, Economic Planning and the ZIFA Board and Executive.
Gaddafi and President Robert Mugabe are largely seen as close allies.
According to export figures from Zimtrade, the national investment body, Zimbabwe exported only US$390 000 worth of goods to Libya from 2005 and 2009.
It says a Libyan Foreign Bank owns 96.6 million shares which is, around 14.12% of Commercial Bank of Zimbabwe Holdings Ltd's total issued share capital.
Source - Byo24News
