Gaddafi's Libya wealth estimated in several billions

Gaddafi's Libya wealth estimated in several billions

Tripoli : Libya | Feb 23, 2011 at 2:56 PM PST
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Hague called Gaddafi's son to demand end to violence in Libya

Libyan President Muammar Gaddafi and his family are estimated worth in several billion dollars, according to UK Guardian report. Despite the instant grasp of information that internet may provides, the Gaddafi family are smart enough to hide their weath into secret bank accounts in Dubai and South-East Asia.

Colonel Gaddafi has been the leader of Libya since a coup in 1969 and the longest serving ruler in Libya history. Gaddafi is married to Sofija Farkaš from Mostar, Bosnia and Herzegovina, who is his second wife. Gaddafi has eight biological children, seven of them sons. They are Muhammad al-Gaddafi, Saif al-Islam Muammar Al-Gaddafi, Saadi Gaddafi, Mutassim Gaddafi, Saif Al Arab, Khamis, Ayesha al-Gaddafi, Hanna and Milad.

Gaddafi's nepotism

Muhammad, the oldest son, dominated telecommunications, another son, Muatassim, was National Security Adviser, Hannibal was influential in maritime shipping specialized in oil exports, Khamis commanded a top military unit, while daughter Aisha ran a quasi-governmental organization. Another son, Saadi, was given the job of setting up an Export Free Trade Zone in western Libya, according to source.

Professor Tim Niblock specialist in Middle East politics told, "It is difficult to ascertain the value of the funds by the Gaddafi regime smuggled, where he was keen to hide them in different ways and in various places, but stressed that it can be estimated several billion dollars at least."

Niblock added, he believed that the bulk of that wealth is distributed between bank accounts and liquid assets in banks in Dubai, United Arab Emirates and other Gulf states, as well as in the countries of Southeast Asia. In January 2002, Gaddafi purchased a 7.5% share of Italian football club Juventus for USD 21 million, through Lafico ("Libyan Arab Foreign Investment Company"). This followed a long-standing association with the Italian industrialist Gianni Agnelli and car manufacturer Fiat.

In 2009 he bought Saif al-Islam Gaddafi,complex real estate includes luxury residences, an eight bedroom home in Hampstead, north London worth $16 million. Among said to be Gaddafi's UK property investments include Portman House, a 146,550 sq ft retail complex in Oxford Street, London, which houses retailers such as Boots and New Look, and an office at 14 Cornhill, opposite the Bank of England in the City.

Libyan Investment Authority (LIA), a "sovereign wealth fund" set up in 2006 to spend the country's oil money, which has an estimated $70bn of assets. LIA bought 3% of London's Pearson last year for £224 million.

It is more likely that if Gaddafi is overthown, the ne regime in Libya can freeze the Gaddafi family assets, same a Egypt did to the deposed Hosni Mubarak.

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Gaddafi Family
Gaddafi family may accquired several bilions of wealth in almot 40 years in power.
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