Belgian Prince Laurent's lawyers have initiated legal proceedings in Italy to seize approximately $50 million in Libyan assets. This move comes 15 years after a court ruling was issued in favor of the prince. According to a report by the Belgian website Sud Info, the legal team is attempting to access Libyan funds or accounts in Italy to enforce the judgment.
The legal action is based on a ruling by the Italian Court of Cassation in May 2025. This ruling is considered significant in determining how to handle the immunity of certain foreign state-owned assets from judicial enforcement procedures. Previously, the sovereign immunity of Libyan assets posed an obstacle to seizing them.
The Italian Court of Cassation ruled that simply registering an account in the name of a foreign state or designating it for governmental purposes is not sufficient to prevent seizure. Instead, it must be proven that the funds are actually being used for sovereign functions. This development has enabled Prince Laurent's team to pursue Libyan assets abroad.
The case dates back to 2008, when Libya entered into an agreement with Prince Laurent's organization, GSDT, to implement a reforestation and desertification control project. However, the Libyan authorities terminated the agreement in 2010. The prince's organization then turned to the Belgian judiciary, which recognized its right to compensation.
The value of the claim has increased to approximately $50 million, including interest and expenses. The prince's lawyers are now focused on identifying Libyan accounts or financial rights in Italy that can be subject to judicial seizure. This effort follows previous attempts to access frozen Libyan assets in Belgian financial institutions.
The Belgian prince's organization had previously turned to the Belgian judiciary, which acknowledged its right to compensation. The organization is now pursuing Libyan assets in Italy, hoping to find accounts or financial rights that can be seized to satisfy the debt. The Italian legal proceedings aim to overcome the immunity of Libyan assets.
The outcome of this case may have implications for other attempts to access Libyan assets abroad. The Italian Court of Cassation's ruling may set a precedent for future cases involving the seizure of state-owned assets. Prince Laurent's efforts to enforce the judgment are ongoing, with his lawyers searching for Libyan assets in Italy that can be seized.
Key points
- Prince Laurent's lawyers are seeking to seize $50 million in Libyan assets in Italy.
- The Italian Court of Cassation's ruling in May 2025 clarified the immunity of foreign state-owned assets from judicial enforcement procedures.
- The case dates back to 2008, when Libya terminated an agreement with Prince Laurent's organization.
