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An illustrative look at news and events
Where is Gadhaﬁ’s money?
Some of Gadhaﬁ’s known and supposed assets
Libyan leader Moammar Gadhaﬁ has stashed away more than $2.3B in Canadian banks. Canada has now frozen any assets of the Gadhaﬁ family. Gadhaﬁ tried to withdraw money from Canada a few days ago, but the transactions were blocked.
Estimates for the assets of the family of Libyan leader Moammar Gadhaﬁ have been pegged at $80-150 billion, though no one knows for sure where it is kept. Many countries are freezing the family’s assets and starting investigations into what may have been stashed in their country.
The Swiss government has frozen any assets belonging Gadhaﬁ and his entourage. During a diplomatic row between Switzerland and Libya in 2008 over the arrest of one of Gadhaﬁ’s sons in Geneva, billions of francs were withdrawn from Swiss banks as part of Libyan retaliation. Only an estimated $680 million is left from what were once holdings of about $6 billion.
Austria has frozen assets of Libyan leader MoammarGadhaﬁ's family and other associates. Around 1.2 billion euros ($1.7B) in Libyan assets were deposited in Austrian institutions.
Libyan Investment Authority (LIA)
The umbrella body for Libya’s sovereign funds managing oil windfall revenues; Estimated to manage assets of around $70B. It was established on August 28, 2006, with an estimated capital of $40B. LIA oversees and manages government investment funds in various areas including agriculture, real estate, infrastructure, oil and gas and in shares and bonds. In a rare annual report in 2009 it said it had more than 78% in “short-term ﬁnancial instruments abroad”.
Russian Federation U.K. Germany France LIA's primary investments Portugal are thought to be in London, in banking and residential and commercial real estate. The LIA owns several properties in London’s ﬁnancial district and other upscale locations, and has a stake in the U.K.-based publishing company Pearson PLC, which own the Financial Times. Brazil Bosnia Lebanon India China
Largest seizure of foreign funds U.S. in U.S. history
Investigations are under way as to whether Gadhaﬁ's sons, Seif al-Islam and Saadi Gadhaﬁ, may have stashed away millions of dollars in oil money in Australian investments during a series of visits to the country over the past nine years.
U.S. $30B +
At least $30B in government of Libya assets under U.S. jurisdiction have been blocked. According to a 2010 message obtained by WikiLeaks, the Gadhaﬁcontrolled LIA holds $32B in cash in several American bank, each managing $300-500m.
The family also hold important investments in Gabon Zimbabwe, Chad, Sudan, Sierra Leone and Liberia. S. Africa
Malta has frozen Gadhaﬁ’s assets. Earlier this year, a US diplomatic cable, issued by WikiLeaks, said that one of the daughters of Libyan leader Moammar Gadhaﬁ — Aisha Gadhaﬁ — was reported to have a ﬁnancial interest in the Malteseowned St James clinic in Tripoli.
U.N. Security Council
The U.N. Security Council imposed sanctions against Gadhaﬁ, his children and top associates. • freezes ﬁnancial assets of his family and inner circle • arms embargo on Libya • mandates inspections of Libyan vessels • refers the case of apparent government sanctioned attacks against unarmed civilians to the International Criminal Court. • travel ban against Gadhaﬁ, his family and his top associates. UN Security Council countries
Sources: Wire services
About £1B ($1.6B) of assets, (which are thought to include billions of dollars in bank accounts, bonds and shares, commercial property and a £10M mansion in London), held by Muammer Gadhaﬁ, his daughter and four sons have been frozen. But that number may grow as high £1B ($16B) as an investigation into the family’s holdings continues. Last week the UK foiled an attempt by Gadhaﬁ to move mint Libyan banknotes worth 900 million pounds ($1.4B) out of Britain before sanctions could be imposed.
Among Libya’s Italian assets is a 7.2% stake of UniCredit, Italy's largest bank, 14.7% of broadband telecommunications company Retelit; 2% of military contractor Finmeccanica; signiﬁcant shares in Italy’s Eni oil corporation and Fiat. In January 2002, Gadhaﬁ purchased a 7.5% share of Italian football club Juventus for $21 million US, through Laﬁco (Libyan Arab Foreign Investment Company).
NATIONAL GRAPHICS EDITOR SUSAN BATSFORD/QMI AGENCY TWITTER @sbats1
Gadhaﬁ reportedly transferred $3 billion to a London-based private wealth manager last week