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Spanish government takes control of Libyan bank

Thu 17th Mar 2011

Spain's Minitry of Finance announced yesterday that it has taken control of Aresbank, a small unlisted Spanish lender controlled by the Libyan government, in the latest seizure of assets in Spain that have been linked to Colonel Gadhafi.

In a statement released by the ministry, Aresbank was referred to as a bank of " high solvency," and will be put under the temporary control of government administrators, in line with European Union policies that have seen similar seizures in other member states.

The ministry continued that the measure will remain in place for as long as entities tied to the Gadhafi regime remain under E.U. sanctions.

Only last week Spain announced that it would freeze all Libyan assets in the country. It has also seized a 6,500-hectare, or 25-square-mile, property in Malaga, southern Spain, that the Gadhafi regime was in the process of developing to build around 2,000 homes and a golf course.

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