TRANSFER OF ASSETS:SOUTH AFRICA has come under intense diplomatic pressure to drop its opposition to the unfreezing of $1.5 billion of Gadafy regime assets held by the UN, with western powers demanding the funds be transferred to Libya's national transitional council.
As intense fighting between loyalists and rebels continued yesterday, the US and UK pressed South Africa to unfreeze the $1.5 billion at a meeting of the UN Security Council in New York.
South Africa is a permanent member of the 15-country Security Council. Diplomats said the funds could be released only by a committee specially set up to rule on Libyan sanctions under a unanimous decision by council members.
According to British diplomats, South Africa said yesterday it would agree to the release of $500 million in order to give humanitarian support to the Libyan people. However, it objected to the transfer of a further $1 billion.
South Africa was thought to believe a transfer of the cash in this way would amount to recognition of the NTC. British defence secretary Liam Fox said South Africa must join others in siding with the Libyan people and believed there would be “huge moral pressure” on the country. – (Copyright The Financial Times Limited 2011)