SA to return $1 billion of Gaddafi money


The South African treasury will return billions of rands worth of assets to Libya, which were stashed in the country by deposed leader Muammar Gaddafi.

South African finance minister Pravin Ghordhan on Thursday said that he had reached an agreement with the Libyan government to return Libyan funds hidden in South Africa, following a meeting on Tuesday last week with a Libyan delegation led by the minister in the Office of the Libyan Prime Minister, Usam al Abid.
“The decision was informed by the fact that the government of Libya established a single body in 2012 to co-ordinate the repatriation of assets to Libya,” the government said.

Reports quoting Libyan investigators say that Gaddafi family assets, including diamonds, gold and cash, were held by four banks and security companies in South Africa. The Sunday Times estimates the value of the Gaddafi assets to be more than $1 billion.

Gaddafi is believed to have kept $80 billion in assets around the world.