Libya Protests: Muammar Gaddafi's Billions To Be Seized By Britain

Telegraph:

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."

Col Gaddafi was yesterday accused of ordering the deaths of thousands of protesters, but he refused to surrender as Libya descended into civil war.

Read the whole story: Telegraph

Comments

[excellent chef]

06:03 PM on 02/25/2011

Every penny should be given back to the long suffering Libyan People

[excellent chef]

06:03 PM on 02/25/2011

You will read next week that the UK has suddenly conquered recession.

[hifiguy]

04:11 PM on 02/25/2011

That will, in the words of Molly Ivins, put a hitch in Moe's get-along.

[xtiangodloki]

10:34 AM on 02/25/2011

Interesting. What about ill gotten gains from "allies" who have yet to fall? I wonder if the US will follow by seizing the properties/assets of say, the son of the Equatorial Guinea dictator, who has a $30M estate in Malibu and something like 8 ferraris? I am fairly sure the regime will be overthrown someday (unless the US government helps the pro-US dictator, which probably will happen).

Also, while the Brits/Swedes are getting it at the ill-gotten wealth of dictators, would they also freeze the assets of American tax cheats? Okay, that's a bit too much to ask, but how about say Pakistan's "mr.10%", who is now the President of that country?

[JTWallace]

10:12 AM on 02/25/2011

Bully for the Brits! Now how many other Oil Sheiks will they and othr countries garner under the table?

[Roxee]

09:38 AM on 02/25/2011

So sad. Civil war. Am I correct factions of Islam are fighting over the spoils?

[whitemale08]

09:19 AM on 02/25/2011

The British Empire Strikes Back.

[Catch 22]

09:14 AM on 02/25/2011

I have a good old chuckle whenever I see the wealth Politicians acquire while they are on a fixed salary. This is everywhere. They suddenly got smarter after being elected, or seizing power. Riiight !

[barkingcat]

09:00 AM on 02/25/2011

That's one way to balance a country's budget -- steal another's assets.

[Vindictive]

08:17 AM on 02/25/2011

Hey Libya.... make sure you get a receipt.

[OliverTwist]

07:50 AM on 02/25/2011

I have no use for Gaddafi but am concerned about how common it has become to block seize people's assets and block their financial transactions without any legal process.

This method is now being used to punish nations, leaders of nations and political groups, and individuals. This is what has been done to Assange and now to a US soldier so far still imprisoned without charge.

None of us is safe so long as this ad hoc practice is allowed to continue.

A few words from one of the privileged elite with the right bankers and any of us can be reduced, in short order, without any legal process, to having no more accessible wealth than the guy who lives in a cardboard box in the alley - maybe even less.

The only thing that protects us is our personal status. Even our wealth is no protection.

[ktureni]

08:52 AM on 02/25/2011

And why are the assets seized/frozen (pardon my lack of sophistication) now and not two, five, etc. years ago? Who are the seizers (name, address, telephone number, please)? Where does their authority come from?

[OliverTwist]

10:26 PM on 02/26/2011

All good questions to which I don't know the answers.

[Hakeem Kareem]

07:47 AM on 02/25/2011

I am a little surprised that the world is just finding out that Ghadafi is nothing but a psychopath.

[rustybell]

07:37 AM on 02/25/2011

BHO is his friend.

[GravitonX]

07:27 AM on 02/25/2011

So, why didn't they freeze Mubarak's assets? Why haven't they frozen the assets of other Middle Eastern leaders? Interesting.

[hifiguy]

04:12 PM on 02/25/2011

The Swiss froze all of Mubarak's assets before he went on "vacation."

[Abenormal]

06:55 AM on 02/25/2011

The recent rambling statements of Gaddafi are no different from some of the ramblings from right wing pundits and politicians like Beck, Limbaugh, Palin, and the t-party folk. We should be as vocal in our condemnation of this type of absurdist hate rhetoric originating in the US as well.

[ktureni]

08:54 AM on 02/25/2011

". . . like Beck, Limbaugh, Palin, and the t-party folk" . . . did you forget Alan Greenspan, the Maestro, the smartest financier who ever lived?

[Abenormal]

09:33 AM on 02/25/2011

Thanks for the reminder