Gaddafi squirrelled away $200bn

2011-10-22 14:21

Washington - The slain Libyan leader Muammar Gaddafi secretly spirited out of Libya and invested overseas more than $200bn - double the amount that Western governments previously had suspected, The Los Angeles Times reported late on Friday.

Citing unnamed senior Libyan officials, the newspaper said US administration officials were stunned last spring when they found $37bn in Libyan regime accounts and investments in the United States.

They quickly froze the assets before Gaddafi or his aides could move them, the report said.

Governments in France, Italy, England and Germany seized control of another $30bn or so.

Earlier, investigators estimated that Gaddafi had stashed perhaps another $30bn elsewhere in the world, for a total of about $100bn, the paper noted.

But subsequent investigations by US, European and Libyan authorities determined that Gaddafi secretly sent tens of billions more abroad over the years and made sometimes lucrative investments in nearly every major country, including much of the Middle East and Southeast Asia, The Times said.

Most of the money was under the name of government institutions such as the Central Bank of Libya, the Libyan Investment Authority, the Libyan Foreign Bank, the Libyan National Oil Corporation and the Libya African Investment Portfolio, the paper pointed out.

But investigators said Gaddafi and his family members could access any of the money if they chose to, the report said.

The new $200bn figure is about double the pre-war annual economic output of Libya, The Times noted.

Gaddafi, who lorded over the oil-rich North African nation for 42 years, met a violent end on Thursday after a Nato air attack hit a convoy, in which he was trying to escape from his hometown of Sirte.

He survived the air strike but was apparently captured and killed after a shootout between his supporters and new regime fighters.

  • chikunga - 2011-10-22 15:52


  • Maximus Odinidus - 2011-10-22 16:06

    Awfully quiet there Joseph?

  • Barry - 2011-10-22 17:48

    So it is all banked in the name of Libya. Not in any personal accounts. I bet the USA and NATO will make sure Libya will not see a cent of it.

  • David B Hutton - 2011-10-22 19:28

    What is now gonna happen to, amongst others, the Michelangelo Hotel in JHB - isn't it Libyan or Gaddafi-owned?

  • marco.tomaso - 2011-10-22 20:08

    Insurrection and Military Intervention:NATO Coup d'Etat in Libya? Nato were bombing power stations which created blackouts in Libya,and were using Apache helicopters to attack Libyan police checkpoints to clear roads for rebels to advance.So many countless violations of the United Nations security council resolutions(UNSCR's)by Nato and certain UN member states.The funnelling of weapons being air-dropped so Libyan rebels could use them was a clear violation of UNSCR 1970. Humanitarian-inspired UNSCR 1973 as a means to protect civilians went straight out the window as NATO pushed very hard for regime change and the death of Gaddafi. Was the real objective in liberating Libya from maddog Gaddafi to establish Democracy in Libya or to take possession of Libya's oil reserves?Destabilizing the National Oil Corporation(NOC)and making sure that the control and ownership of Libya's oil wealth fell into foreign hands should never be ruled out.Basically privatizing the country's oil industry.Libya is among the World's largest oil economies with approximately 3.5% of global oil reserves in the country or twice that of America. 80% of Libya’s oil reserves are located in the Sirte Gulf basin of Eastern Libya.The broad strategic objectives underlying NATO's intevention in Libya are never mentioned by the media.The deceitful media campaign in Libya were mostly fabricated as to what really happened.Germany,France,Britain,Canada and Italy all deployed war vessels along the Libyan coast.

      Jaba - 2011-10-23 09:19

      go ask the ppl what they think - ppl in Lybia u loser... looks to me its enough to know that the ANCYL loved him - that is enough of a sign he was crazy. ppl hate the EU, states etc - but in truth they have just saved a nation (with the exclution of Gaddafi own tribe)and if the will lead to cheaper prices at the pump over the next few years - then that is a positive spin off im willing to live with. you are 1 of those crazy people who prob believe the US was behind 9/11. Loser

  • Gregory Jurgens - 2011-10-23 06:22

    I agree with Barry . It was not in Gaddafi personal name or business. Unlike our leaders who have trust funds made up of our taxes

  • Gregory Jurgens - 2011-10-23 06:45

    Rather the Devil they know than the angel they don't

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