Gambian Court Orders to take Over Ghadafi’s assets

Gambian Court Orders to take Over Ghadafi's assets

Sub-Saharan Informer

 
A High Court in the Gambian capital, Banjul, has given the Government of The Gambia a green light to take immediate possession and full control of the assets and interests of the Libya African Investment Company (Gambia) Limited in this West African nation until such a time that a government recognized by the World body, United Nations, is in place in the troubled North African state. It could be recalled that the Government of President Yahya Jammeh had earlier announced the freezing of all assets belonging to the embattled Colonel Muammar Ghadafi and his regime that is battling with the rebels headquartered in Benghazi, where they claimed to have established an interim government.

 According to the Gambia government, the assets include Jerma Beach Hotel and Laico Atlantic Hotel, and the Dream Park-a notable place for entertainment.  The Government had also disclosed its recognition of the Transitional Government in Libya and sent its former friend's diplomatic mission packing. Meantime, the state had filed an ex parte motion in court pursuant to Section 22(1) (b) of the Constitution of the Republic of The Gambia of 1997 and the Amended Memorandum and Articles of Association of the Libyan African Investment Company (Gambia) Limited (LAICO).

The High Court judge, Justice Madam Awa Bah who heard the application, said she is convinced that the Libyan African Investment Company (Gambia) Limited is a creation of the Muammar Ghadafi-led government. The arbitrator felt the need to put in place interim measures to safeguard the assets and properties of the Libyan African Investment Company in this West African nation for the interest and benefit of the people of Libya.  Justifying her verdict, the young female judge averred that the Government of The Gambia, by virtue of the relevant section of the supreme law of the land - the 1997 Constitution - is vested with such powers to safeguard the assets and properties of the said Libyan company in this soil.  Hon. Justice Bah, therefore, directed the Government of President Yahya Jammeh to take the possession and full control of the assets and interests of the Libya African Investment Company (Gambia) Limited until a government recognised by the World body is in place in Libya.