Tag Archives: Kadafi

Kadafi’s Riches Astound

I’ve asked about this before. And now it comes out.

By Paul Richter, Los Angeles Times
October 21, 2011, 6:53 p.m.
Reporting from Washington— Moammar Kadafi secretly salted away more than $200 billion in bank accounts, real estate and corporate investments around the world …….

U.S. and European authorities said Friday that they intended to quickly hand over frozen assets to the transitional Libyan government. But so far, the U.N. has authorized release of only $1.5 billion from accounts in the U.S., and the Obama administration has turned over $700 million of that amount, said Marti Adams, a Treasury Department spokeswoman.

Some African nations were reluctant to freeze Libyan accounts at all because of their loyalty to Kadafi. Others feared that freezing Libyan assets could hurt their domestic economies as bills and workers went unpaid.