News Column

Gadhafi Had Billions Invested Overseas

October 23, 2011

Moammar Gadhafi stashed away more than $200 billion outside of Libya during his 42-year reign, officials said Friday.

Gadhafi and his family are believed to own stakes in such prominent western institutions as the Juventus soccer club in Italy and Pearson, the British company that publishes the Financial Times in London, the Los Angeles Times reported. While he was known to have acquired vast wealth, one person who has seen reports on his assets told the newspaper new estimates made since his ouster are "staggering."

"No one truly appreciated the scope of it," the source said.

Gadhafi was killed Thursday in Sirte, his birthplace and the last remaining stronghold of his loyalists.

Experts say much of Libya's oil wealth enriched Gadhafi, his family and members of his tribe. While foreign investments were made by corporate entities like the Libyan Investment Authority and the Libyan Foreign Bank, the funds were available to the Gadhafi family, the newspaper said.

Source: Copyright United Press International 2011

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