August 31, 2010 / 4:07 PM / in 7 years

Italy min says Libya UniCredit stake transparent

ROME (Reuters) - The Italian government will ensure that Libya’s investment in UniCredit will remain clear and free of any irregularity, Foreign Minister Franco Frattini said on Tuesday.

<p>Italy's Prime Minister Silvio Berlusconi (2nd R) and Libyan leader Muammar Gaddafi (L) arrive to attend a carousel performed by Italian Carabinieri Cavalry and Barbary Cavalry in Rome August 30, 2010. REUTERS/Remo Casilli</p>

The comment, made hours after Libyan leader Muammar Gaddafi left Rome following a two-day visit, came after politicians from the Northern League party expressed concern over Tripoli’s holding in one of Italy’s biggest banks.

The Northern League, members of Prime Minister Silvio Berlusconi’s ruling centre-right coalition, called earlier this month for the government and market regulator ConSob to look into Libya’s stake of around 6.7 percent in the bank.

“We guarantee maximum transparency in all investments,” Frattini told reporters at a conference in Rome.

“At the foreign ministry we have set up a strategic committee to monitor the presence of sovereign funds. We want to guarantee that procedures are transparent and comply with international rules,” he said.

“It’s what we’ve done with Qatar and Kuwait, and we’re also doing it with Libya,” he said.

Frattini is due in Libya on Wednesday, following up on Gadaffi’s visit to mark the second anniversary of an Italian-Libyan friendship accord.

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