South Africa To Return Gaddafi-linked assets

South Africa has reached an agreement with Libya to return more than 1 billion US dollars in assets stashed in the country by former Libyan dictator Muammar Gaddafi.


“The repatriation from South Africa of Libyan funds and assets will be handled in terms of United Nations protocols,” South African Finance Minister Pravin Gordhan said in a statement issued on Thursday.

Libyan newspapers reported on June 2 that the South African government was called upon to assist Tripoli in repatriating Gaddafi’s diamonds, gold and cash.

According to reports, Libyan investigators had provided the South African treasury with evidence that four local banks and two security companies have held the assets.

Libyan newspapers have published extracts of letters sent from Libya’s justice and finance ministers to their South African counterparts, revealing that the Libyan investigators had “uncovered large funds and assets in South Africa and neighboring states.”

The investigators reportedly found out about the state funds hidden in South Africa from Gaddafi’s former intelligence chief Abdullah al-Senussi.

Libyans rose up against Gaddafi’s four-decade rule in February 2011 and deposed him in August 2011. He was slain on October 20 of the same year.


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