SA to return Gaddafi billions
Fin24

SA to return Gaddafi billions

2013-06-13 22:27

Johannesburg - South Africa will return assets and cash stashed in the country by the slain Libyan leader Muammar Gaddafi, the Treasury said on Thursday.

The two governments agreed on "the repatriation from South Africa of Libyan funds", totalling almost R10bn.

It is thought to include diamonds and gold.

The assets were placed in South Africa by the Libya Investment Authority, the Libya Africa Investment Portfolio and the Libya Africa Investment Company - funds closely controlled by the Gaddafi regime.

The Treasury said the assets will be returned in line with UN rules.

The deal was reached at a meeting between Finance Minister Pravin Gordhan and a Libyan government delegation on June 4.

"The decision was informed by the fact that the government of Libya established a single body in 2012 to co-ordinate the repatriation of assets to Libya," the government said.

This body co-operated with the committee formed in terms of the UN Security Council Resolution 1970 (2011) and the panel of experts which co-ordinated repatriation to Libya of assets frozen in various countries.

South African media last week reported that Libyan investigators had approached the treasury with evidence that the assets were held by four local banks and two security companies.

A letter sent by Libyan investigators said large amounts of cash from Libya's state investment funds had been uncovered in South Africa and neighbouring states.

South Africa opposed Nato's military intervention in Libya during the rebel uprising against Gaddafi's regime in 2011.

The veteran leader was captured and killed in October 2011 while he was trying to flee his home town of Sirte.

Libyan investigators learned of state funds stashed in South Africa from Gaddafi's former intelligence chief Abdullah al-Senussi. He is in a Libyan prison after being extradited from Mauritania.

Part of the missing money is allegedly controlled by Gaddafi's former chief of staff Bashir Saleh.

Saleh, who headed Libya's R400bn sovereign wealth fund, is wanted in Libya for fraud and is the target of an Interpol arrest warrant under the alias Bashir al-Shrkawi.

Several high-ranking officials linked to Gaddafi's regime, including members of his family, have been linked to corruption scandals that emerged after his death.

Last month, Libya's new government adopted a law barring Gaddafi-era officials from holding government posts.


Comments
  • Altus Kirsten - 2013-06-13 22:37

    And Zuma's billions?

      Revelgen - 2013-06-14 09:11

      Now what about Mugabe's billions which he has stashed away, all the while claiming to live on a low salary?

  • Julien Moodley - 2013-06-13 22:38

    I think these funds should be distributed to the poor or to other worldy matters

      Sibusiso Sibisi - 2013-06-13 22:53

      may be funding British americam army to colapse world economy which a threat to them.

      Stefan Van Der Spuy - 2013-06-14 08:16

      I'll second that. It's blood money anyway.

      Stefan Van Der Spuy - 2013-06-14 08:18

      I'm supporting Julien's comment, not the drivel of Sibusiso.

      Erich Goosen - 2013-06-14 09:23

      What about Gift of the Givers? With the condition that they also lend a helping hand in Israel and the USA.

      Patrick Starkey - 2013-06-14 12:10

      The money HAS to go back to the rightful owners, the people of Libya. Unfortunately ,their poiticians will receive it on their behalf.

  • Rocco DeWet - 2013-06-13 22:41

    And then there are still people in South Africa remembering Ghaddafi fondly as a great "brother leader".

      Jenifer Johnstone - 2013-06-13 23:04

      true but sick.

      Monique Naude - 2013-06-14 07:22

      Indeed. Horrible and nauseating.

      Buti Malaza - 2013-06-14 08:02

      https://www.youtube.com/watch?v=XorKTwkFPDU ..............please just see the truth click on this link and see how misled you are Rocco. the same thing is happening in Syria and happened in Iraq will happen in Iran because of ignorance...... I can only show y ou the door

      Revelgen - 2013-06-14 09:13

      Yes, the ANC have had some GREAT friends, haven't they? Dear Brother Leader Ghaddafi, Mugabe, Fidel Castro and several other African crooks and despots. Birds of a feather....

      Jimmy Weight - 2013-06-14 09:22

      i agree. we should have supported instead bush, blair, sarkozy, cheney, rumsfeld, etc etc who wanted freeeeeeeeeeeedom for everyone unless your skin was brown or a light shade of brown not forgetting obama of course, the beacon of hope who has extended every war, created more wars, spies on his own citizens and puts bankers before the people. how ignorant the masses are

      Patrick Starkey - 2013-06-14 12:11

      I will always remember him as the Drag Queen of Africa

  • Jenifer Johnstone - 2013-06-13 22:44

    how come south africa only owned up to the money after the investigation that traced the money to south africa ? was praveen keeping the money for himself if no one found out about it ?

      Sibusiso Sibisi - 2013-06-13 22:50

      not Pravin but the big Boss is known

      Barney Dino - 2013-06-14 05:36

      yes,....they were raking in the interest in the meantime,....wonder where that went?

      Monique Naude - 2013-06-14 07:26

      Ask no questions, hear no lies. If it was never traced, we would have been none the wiser. Now, we need to start asking about our tax money and exactly how it is spent. Also question Tenders? Investments? Donations? This entire government is rotten to the core. It is destroying this country just like one bad apple spoils the bag...

  • Sulette Behnke - 2013-06-13 22:45

    Will the money be levied like Mark Shuttleworths?

      Sedirwa Kgoroba - 2013-06-13 22:50

      Interesting question

      WildCatSal - 2013-06-14 00:53

      10% of R10 Billion is a lot of dosh.. Ouch!

      WildCatSal - 2013-06-14 00:57

      Mmm.....? Now you have me thinking on his fixed assets. Curious to know what will happen?

      Linda Horsfield - 2013-06-14 08:22

      the law was repealed in 2010 - presumably to allow Zumas son and nephew to take their billions out of SA to pay for their oil fields in Nigeria.. stupid assumption- they don't pay for anything until forced to by a judge.

      Patrick Starkey - 2013-06-14 15:01

      One thing I like about Kagiso, you have to do your homework to engage in debate with him.

  • Sibusiso Sibisi - 2013-06-13 22:46

    I wonder how much was benefited by South Africa 's known fraud star in the deal to hide Libya's tax in this country. Commission will investigate and never report back.

  • Sedirwa Kgoroba - 2013-06-13 22:49

    To think that idiots hailed him as some kind of a messiah

  • Sphiwe Manqele - 2013-06-13 22:53

    thats where by anc must play not with tax payers money

  • Lesvokli Pitsiladi - 2013-06-13 23:16

    We should of kept the money ! :)

  • Coenraad Vaneeden - 2013-06-13 23:24

    Anc helped wasing gaddafi money

  • Elvis Brown - 2013-06-13 23:42

    Sometimes u laugh coz of anger,n some idiots think u r happy..!!.. and now,Pravin Gordan AGAIN..?? i better call bra Jeff Hadebe... again.....

  • Elvis Brown - 2013-06-13 23:43

    Sometimes u laugh coz of anger,n some idiots think u r happy..!!.. and now,Pravin Gordan AGAIN..?? i better call bra Jeff Hadebe... again.....

  • Elvis Brown - 2013-06-13 23:43

    Sometimes u laugh coz of anger,n some idiots think u r happy..!!.. and now,Pravin Gordan AGAIN..?? i better call bra Jeff Hadebe... again.....

  • Elvis Brown - 2013-06-13 23:44

    Sometimes u laugh coz of anger,n some idiots think u r happy..!!.. and now,Pravin Gordan AGAIN..?? i better call bra Jeff Hadebe... again.....

  • Stinky Spice - 2013-06-13 23:58

    Well done South Africa .

  • Johnathan Jordaan - 2013-06-14 00:08

    Interesting. .I wonder how much bob has stashed here by us...and also other crook governments...ethpoia, angola etc...

      Monique Naude - 2013-06-14 07:28

      Didn't think about that... I'm sure once people start asking for all their investments back, we are going to wake up one morning to discover a bread costs R200-00...

      Louis Van Den Elst - 2013-06-14 09:30

      Will be huge amounts of $ and not only in SA You see it so often that these dictators and leaders of 3 rd world countries live in absolute stupid luxury and the people that voted for them live on the streets and go to sleep at night hungry and cold

  • Kyle Brown - 2013-06-14 00:30

    Filthy wealth. Will be shared with among the corrupt Libyan elite. Very sad.

  • Sthembiso Mlangeni - 2013-06-14 00:58

    I hope zuma has not already used it to feed Khulubuse

  • Jacky Mutsila - 2013-06-14 01:18

    nkandla was built on it,dnt tell me dis asserts stayed here for so long nd no1 stole frm it,its impossible

  • Ferdi Preller - 2013-06-14 01:24

    It was only R10 in his money!

  • Zolisa Dlokovu - 2013-06-14 02:25

    Mhasithembe ayixulwanga zezakuthi lo mali yashiywa ngu Gaddafi

  • Derek Bekker - 2013-06-14 04:21

    And there goes the rand again!

      Richard Scully - 2013-06-14 05:50

      Didn't think of that, it could make a big difference

  • Zakes Seema - 2013-06-14 04:47

    This is money laundering and some people from our government should be brought to book.

      Monique Naude - 2013-06-14 07:30

      It is indeed. Nothing will happen though. How pathetic it is that they will get away with it again, only to become more brazen.

  • Dirk Engelbrecht - 2013-06-14 04:49

    I would rather say return what's left of it, if any...

  • Gabriel Marupta - 2013-06-14 05:06

    People just comment many are ignorant!!!... Others are busy with the ANC...this is a government matter..and the money must be kept by the SA government until the rightful owners come forward,not those who want to settle a score!

      Wikus Erasmus - 2013-06-14 06:10

      The government IS the ANC at the moment. And if you haven't noticed, lately they can do whatever the hell they want without being held accountable by the ones who voted them into dictatorship.

      CliveK - 2013-06-14 09:23

      Anthony: Zuma's "commission" will be the fee.

  • Arno Louw - 2013-06-14 05:15

    I think the wrong picture was placed. That looks like Winnie Mandela.

  • Dawie Viljoen - 2013-06-14 05:24

    It funny that should we place money oversees it will be frowned upon... When their brother does it he is a financial genius....

  • precious.yumyum - 2013-06-14 05:40

    Good. Libya's assets to Libya.

  • Richard Scully - 2013-06-14 05:49

    I think the only thing that made their mind up here was the thought of some UK special forces team dragging Zuma out of his Nkandla bunker

  • Poloko Pique Mphatsoe - 2013-06-14 06:31

    if Libia investigators they never did great job.the money will be missing. Herr Anc stop this

  • Glen Joseph - 2013-06-14 06:34

    Isnt the one(money) that you(zuma)loan king mswati?

  • Kevinwilliams - 2013-06-14 06:44

    What a sick state of affairs, when a government is hiding a dictator's stash...And we are a democracy ? ? ? I am crying for South Africa. I guess Mugabe has his stashed here as well. And how many others....Shame on you SA.

      Papapipo Mzapi - 2013-06-14 07:35

      most banks and security companies are owned by whites

  • dylan1972 - 2013-06-14 06:44

    Wonder what special levies the SARB is going to levy in this instance to line pockets again? Sure Mr. Shuttleworth is eyeing this out with a very beady eye... $10 billion at current rate is ZAR100,000,000,000!!! Makes that ZAR4,000,000,000 of Marks look like petty cash!!

      Joe Black - 2013-06-26 17:06

      It's R10bn. The article stated as much.

  • Justin Afrika - 2013-06-14 06:45

    Does anyone find it dodgy that the meeting between the Libyan envoy and the President regarding the return of assets happened at Mr Zuma's private home, Nkandla?

      Papapipo Mzapi - 2013-06-14 07:29

      does the president control the banks and security companies

  • Brian Neo Dlamini - 2013-06-14 06:48

    Held by banks and two security companies, not the government.. Some of u ppl hate the gov so much u can't even think or reason.

      Lucky Louis - 2013-06-14 08:13

      White ppl will never accept a black government and they hope 1 day apartheid will come back

  • Mdluli Vusi - 2013-06-14 06:50

    Muammar Gaddafi's contribution to the people of Libya:  1. All the newly weds people of Libya used to get about 50,000 dollars from Government to lead a very happy life. 2. Home is the basic right of every citizen of Libya. 3. There was no electricity bill in Libiya. Electricity was free in Libya. 4. No interest loan for the people of Libya according to Law. Gaddafi was against interest since interest is forbidden in Islam. 5. Gaddafi has increased the literacy rate from 25% to 83%. Education expenses in Government universities are free in Libya. 6. Medical expenses in Government hospitals was free in Libya. 7. The price of the patrol was 0.14 cents in Libya. Yes we all know Libya has got good petroleum resources. But the price seems to be too low. Isn't it? 8. When Libyan citizen wants to buy a car, Government used to subsidized 50% of the price of the car. 50%? sounds great! 9. A huge bread used to cost only 15 cents in Libya. 10. The GDP per capita of Libya is very high. Over 15,000 us dollars. Purchasing power was very high compare to the GDP. 11. The economy of Libya was improving rapidly. In 2010 it had 10% growth. It has not external debts. It also has the reserves amount of 150 billion dollars. 12. Unemployment fees were given from the government until the person finds a Job. 13. A Libyan mother used to get 5000 us dollars for giving birth a child.

      Maakwena Paulina Malepe - 2013-06-14 07:26

      Someone with knowledge at last i envy you sir

      Mike Lamb - 2013-06-14 07:48

      So explain to us why his people rose up against him and eventually murdered him. Another Western plot I suppose?

      Buti Malaza - 2013-06-14 08:13

      Mike It was but you have been desensitized because ENCA is part of it. I thought one with so much gray hair would see through the smoke screen. just another Lamb to the mental slaughter.

      Linda Horsfield - 2013-06-14 08:24

      So why are you still living in SA?

      Jenifer Johnstone - 2013-06-14 08:57

      shame !then why did he end up the way he did .to my knowledge he wasn't killed by outsiders but his own people .very ungrateful bunch don't you think so.

      CliveK - 2013-06-14 09:26

      If it was such a paradise, why was Gaddafi "disposed of"?

      Annemarie White - 2013-06-15 08:03

      Google countries like Kuwait. They do the same and much, much more for their people.

      Joe Black - 2013-06-26 17:17

      Oh so somebody told you that Gaddafi gave his people free stuff and now you support him? Why am I not surprised. Hey... I give millions of dollars away to poor people every day. Will you support me?

      Joe Black - 2013-06-26 17:19

      The undeniable fact is that a leader is doing wrong to his people when he is hiding -HIDING- money away in other countries. Anybody has the right to invest elsewhere in the world when he owns the money. A thief puts his money in a hole somewhere out of the sun.

  • mica.gogome - 2013-06-14 07:00

    Yaa neh!

  • jungleboy - 2013-06-14 07:13

    Who allowed the dirty money in here in the first place, why, and for what benefit? No1 has been very very busy again.

  • Allahu Akbar - 2013-06-14 07:15

    Less some " commission" for the Zuptas.

  • Nico Eksteen - 2013-06-14 07:26

    So if those amounts were not discovered our government would have kept silent in the hope of someday pocketing it themselves. Tough luck

      Papapipo Mzapi - 2013-06-14 07:31

      the amounts were kept in the banks and security companies

      Nico Eksteen - 2013-06-14 08:32

      Unclaimed money will eventually fall into the state coffers.

  • EkasiBoy - 2013-06-14 07:45

    The heads will crumble!

  • Chris Buchner - 2013-06-14 07:57

    But mark shuttleworth had to pay 250 million to get his assets out and he was a south african? How does that work?

      Jimmy Weight - 2013-06-14 08:48

      cos mark shuttleworth is a south african citizen. not a foreign investor. duuuuh!!!

  • Kgosi Orapeleng Taele - 2013-06-14 08:01

    Indeed the previous Libyan standard of living seems in peril. Here are a few of the benefits Libyans enjoyed. 1. Free Electricity 2. No interest on loans 3. Having a home considered as a human right. 4. All newlyweds receiving $50,000 to begin buying a home and starting a family. 5. Free Education and Medical Treatment. 6. A farm, house, equipment, livestock and seeds for those interested in farming. 7. A $2300 a month allowance for education abroad plus a car allowance for studying. 8. A government subsidy of 50% on a car purchase. 9. Gas at .14 a gallon 10. After graduation if a Libyan is unable to find work the government would pay the average salary of the profession until the Libyan obtains a job. 11. A portion of every Libyan oil sale is credited to the bank accounts of all Libyan citizens. 12. $5000 is given to the family every time a child is born. 13. A loaf of bread costs .15. 14. \25% of Libyans have a university degree. 15. A man made lake provides water throughout the desert country. 16. Libya has no external debt and no budget deficit

      Oscar Lekoane - 2013-06-14 08:29

      Wow,bar its dictatorship tendencies,this is how a government of the people should be like.

      Jimmy Weight - 2013-06-14 08:46

      ghadaffi wanted to take the nations assets back from the rober barons, implement a currency backed by gold to take away the risk of trading in the corrupt US dollar and continue with his policies of enriching his citizens. but oh no, the west wont have that! cant have african "dictators" making them look like bad now can they. western politicians work for the banks and corporations, not the people. end of

      ARTFUL DODGER. - 2013-06-15 03:51

      where did you suck this information out of Kgosi????

      Eugene Willemse - 2013-06-15 08:55

      wow buddy if he did all that for the Libyans it means his killing was another conspiracy

  • Luke de Koker - 2013-06-14 08:04

    I take it that the Reserve Bank will take their 10% penalty??

  • Sanjeen Deosaran - 2013-06-14 08:26

    So now we should keep Iranian funds as well and do some of their nuclear research...

  • Malusi Zindela - 2013-06-14 08:28

    this has nothing to with the money it has everything to do with y gaddafi was killed open your eyes don't turn on each other white and black matters not we are south africans now and we are next

  • Buti Malaza - 2013-06-14 08:32

    MUAMMAR GADDAFI WAS A HERO FACT. I WONDER HOW COME MOST OF THE PEOPLE THAT THINK HE WAS NOT ARE WHITE. I DOUBT IT IS IGNORANCE. YOU ALL KNOW WHAT BUSH , NICOLAS SARKOZY AND THAT IDIOT GORDON BROWN WERE DOING, COZ THAT IS WHAT YOU DID TO US !!!!!!!!!!!!!!!!!

      Lucky Louis - 2013-06-14 08:42

      The whites will deny it and attack u but dont worry bcoz u are telling the truth and it is something dat is foreign 2 them

      Jenifer Johnstone - 2013-06-14 08:45

      you called a person who oppressed his people a hero .it you enjoy people people being hurt?how sick.

      Winile Locksmith - 2013-06-19 20:01

      @Buti that true if u can learn of the things he did for that country u will be amazed. I for 1 liked him. I believe he was labeled bad by the same ppl who after his money, asset etc. Money is the roots of all sins & he was killed because of it.

  • Freddy van der Merwe - 2013-06-14 08:38

    COme on its AfrEAKa Keep it!

  • Jimmy Weight - 2013-06-14 08:40

    why waste time? just ship it directly to the city of london or the new york federal reserve. thats the people who started the war and surely this is the spoils

      Buti Malaza - 2013-06-14 08:46

      Dick Cheney, Bush and Donald Rumsfeld's retirement annuity. Obama and David Cameron are just Pawns in this chess game and they just checked us again using media as misdirection

  • Callie Nepgen - 2013-06-14 08:42

    This is shocking!!! Seems like we live in a country where the Government is not honest, this includes the Minister of Finance who is suppose to be an ethical person. Now one can have an idea why we are "over taxed" and the value of the rand is dropping.

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