Libyan Hedge Fund Approved For U.S. Investing

Aug 29 2011 | 11:26am ET

With Muammar Gaddafi's 42-year reign in Libya all but over, U.S. authorities have given the green light to a London-based hedge fund set up by Libya to begin trading once again.

FM Capital Partners had been barred from trading U.S. assets in March, when countries around the world froze some US$168 billion in Libyan assets to prevent their being used to crush the anti-Gaddafi rebellion. FM, which has about US$1 billion in assets, was mostly spared that freeze, with U.K. and European Union authorities allowing it to continue to trade under the condition that its assets were not handed back to Libya.

The U.S. lifting of the freeze on FM Capital, granted privately earlier this month, is subject to similar restrictions pending the outcome of the Libyan revolution, The Telegraph reports.

The U.S. has also released some US$1.5 billion of Libyan assets held in U.S. banks for use by the anti-Gaddafi National Transitional Council.

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