Libya to withdraw assets from Swiss banks following arrest of President’s son


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Libya to withdraw assets from Swiss banks following arrest of President’s son

Libya has decided to withdraw its assets, estimated at U S$ 7 billion, from Swiss banks and stop supplying oil to the European country in protest against the poor treatment of Libyan businessmen and diplomats by Switzerland, says a statement from the Foreign Affairs and International Cooperation Ministry Friday. “Tripoli has also decided to put an end to economic cooperation with Switzerland as long as the reasons for such treatments are unknown,” the statement said. Observers say the action taken by Libya is linked to the crisis between the two countries, which broke out two months ago when Swiss officials arrested Hannibal Kadhafi, son of the Libyan leader, and his wife for the poor treatment they inflicted on their two house workers. Libya demanded an official explanation from Switzerland on the treatment against the Libyan leader’s son and his wife. After the complaint lodged by the two house workers, Hannibal and his wife were arrested and put in police custody for one night in Geneva 16 July 2008.

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