The death of Col Gaddafi death will intensify the search for the billions of pounds he hid in safe havens around the world.
An ambulance carries the body of Col. Muammar Gaddafi from Sirte to Misrata Photo: Holly Pickett / ReduxBy Holly Watt
10:16PM BST 20 Oct 2011
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 £12billion as the rebels launched their attack on Gaddafi’s forces.
The US government froze about £20 billion, but began to release some assets to the Libyan National Transitional Council when it was recognised as the legitimate government last month. Switzerland, Austria and Canada also froze billions of pounds worth of assets.
The main vehicle for the money has been the Libyan Investment Authority, the £60 billion sovereign wealth fund the Gaddafi family is believed to have used as a private bank account. Since the start of the rebellion, the Treasury has set up a unit to trace the family’s UK assets.
The family bought a range of properties around the world and a portfolio of businesses. Gaddafi’s sons and daughter embraced a luxurious way of life.
In March, a £10 million 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.
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The property was owned by a company registered in the British Virgin Islands, illustrating the complexity of the Gaddafi finances.
The family also had a range of business properties in the West End – including shops and offices.
Saif Gaddafi, in particular, embraced a playboy lifestyle abroad, making dozens of influential and rich friends.
Saif and Muatassim, the son who died alongside his father yesterday, paid the pop stars Mariah Carey, Beyoncé and Usher hundreds of thousands of pounds to sing at their birthday parties.
Another of Gaddafi’s sons, Hannibal, also developed a reputation for lavish
living. In September 2004, he was briefly detained in Paris after driving a Porsche at high speed in the wrong direction and through red lights down the Champs-Elysees while drunk
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