HomeHome SearchSearch MenuMenu Our productsOur products

The plot thickens: Did Gaddafi stash his billions in SA?

by , 20 June 2013

Finance Minister Pravin Gordhan took the opportunity today to clarify a few matters relating to Libyan assets in South Africa. This follows reports about Gaddafi's billions being stashed here in the form of cash, diamonds and gold. Let's see what's going on…

After much speculation, Gordhan clarified a few matters relating to Libyan assets in South Africa.

Over the last week or so there have been reports in the press “confirming” R10 billion of Gaddafi’s assets were stashed in South Africa. But it appears that some of the published information was misconstrued.

Gordhan “said some media reports on the issue were conflating fact and allegation and presenting these as facts,” reports Fin24.

Libyan assets currently identified in SA are commercial investments

He confirmed that there were “Libyan shareholdings in South African entities,” but “these had been made on a commercial basis,” reports IOL.

These include “the Michelangelo Towers in Sandton, the Centurion Lake Hotel, the Commodore and Portswood Hotels in Cape Town, and the Kruger Park Lodge in Mpumalanga”.

But with regards to assets being stashed in South Africa “under dubious circumstances, the minister said there was no evidence of this,” reports BDLive.

“None of the people who have made these allegations have produced evidence regarding the transfer of these assets and funds to SA‚” Gordhan said in a statement, adds Fin24. He urged anyone who did have evidence of this to “hand it over”.

Gordhan confirmed that he had “met a Libyan government delegation led by Usama al Abid, the minister in the office of the Libyan prime minister,” reports IOL.

The minister agreed “should any funds and assets be found,” the relevant Libyan and UN authorities will be notified, adds IOL.

Time will tell if there are any assets squirreled away in SA under “dubious circumstances”.



The plot thickens: Did Gaddafi stash his billions in SA?
Rate this article    
Note: 5 of 1 vote

Have a trading or investing question? Click Here


Related articles



Related articles


Watch And Learn




Trending Topics