Feb. 25 (Bloomberg) -- Switzerland froze the assets of Libyan leader Muammar Qaddafi and his entourage for three years to avoid the possible “misappropriation” of the funds.
The freeze takes effect immediately, the Ministry of Foreign Affairs said. The move comes less than two weeks after the government froze funds and assets in Switzerland belonging to former Egyptian President Hosni Mubarak and his circle.
“The Cabinet sharply condemns the use of force by Libyan rulers against the population,” the ministry said in an e-mailed statement from Bern today. “In view of the developments, the Cabinet decided to block any possible assets of Muammar Qaddafi and his circle in Switzerland with immediate effect.”
WHAT TO WATCH: *KOF leading indicator published at 11:30 a.m.
EQUITIES: *Roche gets FDA hearing on Avastin breast-cancer withdrawal *Roche recalls Accu-Chek FlexLink Plus insulin infusion sets *Roche study validates Cobas test with HPV-16 and 18 genotyping *Alcon shareholders to vote April 7 on Novartis *UBS takes ‘action’ as media report Sydney trading floor fight *Gategroup says 22 million Swiss-Franc fraud is isolated case *Swissquote 2010 net declines to 21.2 million Swiss francs *PSP Swiss Property says optimistic outlook; 2010 net advances *Swisslog wings contract worth about EU21 million
MARKETS: *The SMI declined 1.6 percent to close at 6,515.97 *The SPI fell 1 percent to close at 5,865.20 *The Stoxx Europe 600 Index dropped 0.6 percent to 280.56 *Euro -- Franc at 1.2784 at 7:47 a.m. Zurich time
To contact the reporter on this story: Matthias Wabl at firstname.lastname@example.org
To contact the editor responsible for this story: Angela Cullen at email@example.com