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Libya Has $1 Billion Frozen In U.S. Banks

NEW YORK, Aug. 28 (UPI) — Libya has more than $1 billion frozen in four U.S. banks, documents from the Treasury Department revealed.

The New York Post said Sunday the $1.1 billion in frozen government funds are in accounts at Bank of America, Wells Fargo, Goldman Sachs and JPMorgan Chase.

The Treasury Department’s Office of Foreign Assets Control said in a report obtained by the Post that Goldman Sachs has the largest account, totaling nearly $605 million.

Libyan assets were frozen in February under U.N. sanctions. It is believed Libya has a total of $37 billion in property and investments in the United States.

Washington has not made any comment on when the frozen assets would be released now that Libyan leader Moammar Gadhafi has apparently been toppled.

UPI - United Press International, Inc.

Since 1907, United Press International (UPI) has been a leading provider of critical information to media outlets, businesses, governments and researchers worldwide.

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