Africa and the Middle East

Duncan Hames Excerpts

Monday 4th April 2011 Commons Chamber

[Duncan Hames (Chippenham) (LD)]

I heard what the Foreign Secretary said to the hon. Member for Brent North (Barry Gardiner) on asset freezing, but in a statement last week he painted quite a rosy picture to the House about the benefit to the Libyan people of a future Libyan Government spending those assets. Can he reassure us that any loosening of sanctions in response to those deserting the Gaddafi regime will not allow those people to take with them riches gained as a result of their long association with Gaddafi which belong to the Libyan people?

[Mr Hague]

Basically, yes, any changes in sanctions on people who have defected from the regime are likely, in terms of the quantity of money involved, to be infinitesimal compared with the assets of the regime and its companies. We are talking about tens of billions of dollars. The United States has frozen more than $30 billion-worth of assets, so we are talking about something very tiny when compared with the total scale of assets.