Wednesday 7 December 2016

Search is on for assets spread around the world

Holly Watt

Published 21/10/2011 | 05:00

The death of Col Muammar Gaddafi will intensify the search for the wealth he hid in safe havens around the world.

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The slow process of identifying regime assets has continued since the uprising began in spring. The British government froze assets in the UK worth about £12bn (€13.7bn) as the rebels launched their attack on Gaddafi's forces.

The US government froze about $31bn (€22.9bn), but began to release some assets to the Libyan National Transitional Council last month.

The main vehicle for the money has been the Libyan Investment Authority, the €68bn sovereign wealth fund the Gaddafi family is believed to have used as a private bank account.

Gaddafi's sons and daughter embraced a luxurious lifestyle.

In March, a £10m (€11.5m) house in Hampstead, north London, was invaded by Libyans when the 'Daily Telegraph' disclosed that the despot's son, Saif al-Islam Gaddafi, was trying to rent out the property for about £10,000 a week.

The property was owned by a company registered in the British Virgin Islands, illustrating the complexity of the Gaddafi finances. (© Daily Telegraph, London)

Irish Independent

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