Fin24

SA cuts business ties with Libya

2011-05-24 15:41

Cape Town - South African financial institutions have suspended business with entities linked to the Libyan government, Finance Minister Pravin Gordhan said on Tuesday.

Responding to a question in parliament, he said he could not disclose any further details.

"Particulars remain confidential and cannot be disclosed publicly."

He said South Africa remained committed to implementing the "letter and spirit" of the UN Security Council resolution.

He said South Africa remained committed to implementing the “letter and spirit” of the United Nations Security Council Resolutions 1970 and 1973 of 2011 on Libya.

On March 24, International Relations and Co-operation Minister Maite Nkoana-Mashabane, said the government affirmed its support for the resolution, which included sanctions and an arms embargo.

The resolution enforced a travel ban and assets freeze on Libyan leader Muammar Gaddafi, his inner circle and members of his family.

“The competent South African authorities under the leadership of the National Treasury are taking appropriate measures in compiling a list of items registered in the name of all individuals listed in the UN Security Council resolution number 1970 on the Libyan Arab Jamahiriya.”

This would be done in compliance with the articles of the two UNSC resolutions, resulting in all those who had been listed not having access to any funds or assets in the country, she said.

On March 11, Gordhan said the government was working with financial institutions to identify funds and assets belonging to the individuals or entities listed.

The Financial Intelligence Centre had been instructed to caution financial institutions not to become involved in any transactions or business relationships which might facilitate the provision of funds to persons or entities listed.

“In addition, I have, in terms of the Currency and Exchange Act, agreed with the Governor of the South African Reserve Bank that she will instruct the financial surveillance department of the SARB to stop any such funds from leaving the country.”

Gordhan said the government was also looking at other ways to give effect to the resolution.


Comments
  • OB1 - 2011-05-24 15:45

    Nice to see our govt not siding with these rogue govts for once and actually taking some concrete action against them.

      The All Seeing Eye - 2011-05-24 16:38

      No it's because Ghaddaffi is losing the war now. They have been sitting on the fence seeing who is going to win before making a decision. Makes you think how much money Ghaddaffi must have in the country? LOL and the ANC blows it's own horn as a party of freedom. Think Zuma went over there to make peace and now they breaking business ties?

      Grayman - 2011-05-24 17:01

      All Seeing Eye, you are SO right there. I am glad that something has been done but at the same time I am hugely frustrated that it has taken so long. Of course they didn't want to raise the ire of their Brother Leader Gadaffi but after Anton's death and cover up now they have to do something. It will be interesting to see just how far they are prepared to carry this though. I hear that Gadaffi has a lot of interests in SA. What are they going to do? Take over all his businesses?

      Crunchie - 2011-05-24 17:11

      I don't believe it. Just talk

      CorbZA - 2011-05-24 17:11

      Guys... The government froze all of Libya's assets in SA 2 months ago... Didn't see that one 'ey Eye?

  • zulufox - 2011-05-24 16:35

    Well done ANC government...

  • James - 2011-05-24 16:49

    They have probably upped business with Zim and Equitorial Guinea to take up the slack.

      markusjoe - 2011-05-25 15:26

      Stupid Comment. Give credit where it is due. The SA Government has finally run out patience with Libya.The lies about the death of the photojournalist was just too much.

  • jock van wyk - 2011-05-24 16:58

    whats the difference between what Gadaffi has done in Libya and what magabe has been doing for years in Zim?

  • Unskinny Bob - 2011-05-24 16:59

    Pff... a little late?

  • BoneCollectR - 2011-05-24 17:03

    Very few comments, I see. It just tells you that many of the commentators here are simply anti-(ANC)government. *sigh*

  • tryanything - 2011-05-24 17:12

    Its A Con of some sort Meantime we continue to support this guy Past Beit bridge

  • Ross - 2011-05-24 17:13

    Good news, however this tyrant Mugabe has actually got much more blood dripping from his hands than his beloved brother Gaddafi. He (Mugabe) is responsible for the deaths due to murder, hunger and deprivation of thousands of his people. He has also tortured his people on an industrial scale so why is he let off the hook???? When Mugabe's atrocities becomes more public the ANC government is going to hang their heads in SHAME due to their non-action as his cruelty actually exceeds that of the apartheid regime by far.

  • tryanything - 2011-05-24 17:20

    He wants the IMF job

  • Jakob - 2011-05-24 17:21

    our govt.? LOL delusional.. u working for babylon, south africa is just the gold + diamond mine.. u think they care for any of u?? slavery - time 2 wake up and c the bigger picture.

  • Dave from Bulawayo - 2011-05-24 17:23

    Guys guys All the SA banks will do is channel it through Zim, Libya's big friend. And that would be ditto on Arms and anything else you can think of.....

  • YES - 2011-05-24 17:27

    Zuma's administration continue to amaze. How could it, among other countries in the continent, foresake one of its member country just like that? Notwithstanding protocols within SADC and AU, South Africa owe people of Libya for its freedom. Gaddafi and people of Libya trained our liberation forces and sacrificed their own freedom for our sake. Has Anc government forgotten that its not only its forces which fought against the boer government whose supporters and benefactors were raping and maiming our people in Soweto, Langa and Magaung? May some please tell me what has gone into Zuma's government to make such outrageous decisions.

      slg - 2011-05-24 21:53

      You're on your own again YES, out there on the perimeter of human consciousness. Did you vote last week? Why should the Libyan people not have the same basic human right?

      slg - 2011-05-24 21:58

      You're pretty much on your own again YES, out there on the perimeter of human consciousness. Did you vote last week? Why should the Libyan people not have the same basic human right?

      slg - 2011-05-25 08:22

      Zuma is not forsaking Libya. He is supporting Libya's independence from tyrannical rule. Didi you vote last week? Why should Libyans not be allowed to do the same thing? You're out of step with what is relaly going on. Thankfully you're not making the decisions.

      slg - 2011-05-25 08:25

      Zuma is not forsaking Libya. He is supporting Libya's independence from tyrannical rule. Did you vote last week? Why should Libyans not be allowed to do the same thing? You're out of step with what is really going on. Thankfully you're not making the decisions.

  • Zakhele - 2011-05-24 17:45

    So I guess Michaelangelo has been sold to other private investors. Otherwise it is dangerous to go there.

  • tdk25 - 2011-05-24 17:49

    Nice move ANC...well done

  • CPII - 2011-05-24 18:06

    Har har....now you comment after the election. Missed all that Libian money did ya :)

  • booboo - 2011-05-24 18:35

    Well I am amazed! Ghadaffi just accomplished something even more difficult than getting a resolution from the UN security council allowing military intervention against your country. For that you have to get 7 countries from across the spectrum to agree! But to get South-Africa to turn against a friend from the struggle, you have to be much more vile than ......... Mugabe!

  • booboo - 2011-05-24 18:49

    This must be a first, SA turning on a rogue struggle partner? Ghadaffie accomplished something even better than getting an UN security council resolution calling for military action against you?

  • CPII - 2011-05-24 18:52

    Nice to make that comment now! Missed your funding for the election did ya ;)

  • Boer - 2011-05-24 20:22

    About time. Good job.

  • Eric - 2011-05-25 09:10

    “The competent South African authorities under the leadership of the National Treasury are taking appropriate measures.." Hahahahahaqhahahahahahahahahahaha!!!!!!!!!!!!!!!!!!!!!!

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