Tuesday 25 April 2017

Search is on for assets spread around the world

Holly Watt

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

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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