Libyan assets held in Spain to be released to the National Transition Council

The Spanish Prime Minister, José Luis Rodriguez Zapatero, has agreed to released 16 million € worth of Libyan assets ‘on account’ which will be taken away from the final total amount that the Spanish Government will return to the National Transition Council once the United Nations authorises the un-freezing of the assets held under Spanish jurisdiction.

In addition Spain is sending 18 tons of medicines to support the urgent humanitarian needs of the country.

Once the United Nations gives authorisation Spain will be able to release the estate which Gadaffi has in Málaga. It has an estimated value of 45 million € and is property of the Libyan state.

The 7,200 hectares is in the name of the Libyan Foreign Bank, and crosses five municipalities in Málaga province, Benahavis, Estepona, Igaleja, Júzcar and Pujerra. Most of the estate, an estimated 3,500 hectares in is Benahavis.

In 2007 a representative of the Libyan Foreign Bank which had by then owned the land known as ‘La Resiner’ for 20 years, asked for permission to build. Although development had never been promoted there is a partial plan for the construction of a hotel, a golf course and a total of 1,915 homes on the 480 hectares classified for building in Benahavis, but finally the local Town Hall denied the application.