Milan

Libyan agency says it has regained Italian holdings

'Court order gives back investments'

Libyan agency says it has regained Italian holdings

Milan, November 5 - The president of the Libyan Investment Authority said Monday that an appeals court has ordered the restitution of its investments in key Italian companies. After markets closed on Monday, Mohsen Derregia issued a statement saying that a court of appeal in Rome ordered the restitution of the LIA's holdings in UniCredit and aerospace giant Finmeccanica. Last year, UniCredit froze the voting rights of shares held by Libya following action taken by the European Union to pressure the regime of Muammar Gaddafi to end its crackdown on anti-government protestors. Italy had also seized assets that it said belonged to Colonel Muammar Gaddafi's family, at the request of the International Criminal Court. However, last June LIA appealed in the courts, saying it was the legitimate owner of the assets, and not the Gaddafi family. Those assets also included investments in Italian carmaker Fiat, soccer club Juventus and other companies including construction group Impregilo.

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