Gaddafi's Regime Stored Over $5B In Western Investment Banks: Report

LONDON -- A British lobbying group has released a leaked document showing that several major investment banks, including HSBC, Goldman Sachs, Societe Generale and Nomura, held billions of dollars of Libyan state funds.

The internal report for the Libyan Investment Authority leaked to London-based Global Witness on Thursday shows that the world's biggest banks held more than $5 billion in accounts for Libyan leader Moammar Gadhafi's government investment fund.

The report is dated June 30, 2010. Many of the Libyan Investment Authority's assets have been frozen under international sanctions since February.

HSBC didn't immediately return a call seeking comment.

Global Witness says banking regulators should investigate whether state funds were diverted for Gadhafi's personal benefit.

Comments

[mgrant33301]

07:40 AM on 05/31/2011

figures that goldman would be involved.
when will that evil bastion be busted up and stepped on, for good?
blankfein needs to go to jail.

[redmaple]

05:45 PM on 05/30/2011

Why would someone with so much money would want to live in a country with such a represive government? Oh wait...!

[season555]

04:01 PM on 05/30/2011

These bankers are some how always involved in human misery around the world, aren't they. We can scream from the roof tops asking them why, but it won't matter.

Any one watch the ABC show Shark Tank? This banker Kevin ( don't remember his last name) is so shameless, so nakedly shameless about money, even though he has more than 3 billion of it. I have to hope there is justice in the next life if not in this.

[Ylmaz Kaba]

10:40 AM on 05/30/2011

Shameful. And is Lybia to receive some of the billions to be distribute­d by the G8?
http://news12.blog.ac/2011/05/30/gaddafis-regime-stored-over-5b-in-western-investment-banks-report/

[jflorish]

09:22 AM on 05/30/2011

Those banks wouldn't know, it's not like it's in his name. They aren't going to deny it because of a country, and he could easily make sure his name is not part of it.

[Melanie226]

10:46 PM on 05/29/2011

Disgusting that anyone would aid this ruthless dictator in stealing blood money from his own people. Libyans are starving, but he has $5 billion in accounts, and Goldman Sacs is involved, what a shock...NOT!

[McKeaton]

10:10 PM on 05/28/2011

What's wrong if Gaddafi was screwed up by the" gods" of finance...his part of the world , our world of loosers, that has to lick and kiss their hands...

[GloriaY]

01:44 AM on 05/28/2011

Goldman Sachs again? Shameful. And is Lybia to receive some of the billions to be distributed by the G8? And exactly what will be done with Gaddaffi's billions, is he to keep it? Something escapes me here.

[Hatima Transport]

08:02 PM on 05/27/2011

Oh boy, i'd be darned

[vippy]

07:11 PM on 05/27/2011

HAHAHA, how is he any different than our people hiding billions in foreign banks.

[king soloman]

06:26 PM on 05/27/2011

nooo the banks are hoping that this man will fall under a rock a die. So that they can get a nice mid summer bounus of 4 billion each. Did i just say billion.. . . .

[PPLIFE]

09:45 PM on 05/28/2011

Exactly! They are talking about releasing these billions for 'rebels', but who decides what's a legitimate govt in Libya and who decides how that money can be used? It's a damn shame.

Just look at the wording of this article? They throw in Gaddafi's name in there to make it seem as if the Investment Fund was illegal.

[GaddafisAHero]

01:51 PM on 05/27/2011

These Banks are in bed with the Colonel and will allow him to keep the Money.

[McKeaton]

10:11 PM on 05/28/2011

No, they will get his money, as they got ours, too....Is that stealling?....

[Bystander]

12:53 PM on 05/27/2011

Obama: US military involvement in Libya "will last days, not weeks." Yes, lots and lots of days.

[duxguts]

12:15 PM on 05/27/2011

Hansome critter isn't he. I can see why the banks wantd to get into bed with him.

[Veri]

11:18 AM on 05/27/2011

Ah, Globalization. Allowing the 'free flow of capital' to trump all. One reason the Swiss do not allow The EU to take a peek into their vaults is on account of how much EU aid money stolen from other countries is parked there. Corruption and crime pay, very well. Only if you have the capital.

So, Qaddafi was 'renegotiating' contracts with oil companies to pay for the promise to compensate victims of the Lockerbie bombing. Shortly after that, the bombing started. Complete with a CIA cutout leading from Benghazi. Seriously, the man lived in Virginia for, what, sixteen years with no obvious means of support. Not far from D.C. And not far from Langley.