Britain to Seize Gadhafi’s Billions

Posted on Feb 24, 2011

The Laird of Oldham (CC-BY)

The British treasury suspects that Col. Moammar Gadhafi and his government have more than $30 billion stashed in the U.K., and British authorities are prepared to seize those assets in an effort to force the dictator to step down.

The Telegraph via WikiLeaks:

The funds are expected to be seized within days. The Treasury is understood to have set up a unit to trace Col Gaddafi’s assets in Britain, which are thought to include billions of dollars in bank accounts, commercial property and a £10 million mansion in London.

In total, the Libyan regime is said to have around £20 billion in liquid assets, mostly in London. These are expected to be frozen as part of an international effort to force the dictator from power. A Whitehall source said: “The first priority is to get British nationals out of Libya. But then we are ready to move in on Gaddafi’s assets, the work is under way. This is definitely on the radar at the highest levels.”

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