Latest estimates on Gaddafi’s wealth, could even top Mubarak, making him one of the richest people in the world, now estimated could exceed £80 Billion ($128 Billion). He has widespread business activities and financial investment assets in many countries, including Spanish real estate, of course many Italian investments, including their media, sport and banks. Also in excess of $1.6 Billion of assets in UK alone:
“The UK’s decision to freeze assets owned by Libya’s Muammar Gaddafi and his family is only just the start of the process.
Now the authorities have to identify exactly what those assets are, and how much they are worth.
The announcement on Sunday by George Osborne, the Chancellor, to block the assets of the Gaddafi family and about 20 of their inner circle follows a European Union decision to impose sanctions.
This decision for a Europe-wide crackdown came, in turn, after a vote at the United Nations that countries worldwide should start choking off the family’s funds by preventing money from being moved or assets sold.
Some countries – particularly the United States – have been more proactive about freezing assets than others. But slowly the noose is tightening.
On Wednesday, Spain froze a 2,000-property tourism development near Marbella said to be linked to the Libyan leader. Such assets will remain in limbo until they can be handed back to a new government or legitimate authority.
But, as Pepe Egger, of consultancy Exclusive Analysis, points out, it will not necessarily be clear which assets belong to the Gaddafis’ personally, and which belong to the Libyan nation.
The UK Treasury has reportedly identified about £1bn ($1.6bn) worth of assets in Britain owned by the Gaddafi family.
But there are other assets in Britain owned by the Libyan Investment Authority (LIA), a fund set up in 2006 to invest the country’s vast oil wealth.
And the LIA, estimated to have up to Â£80bn invested worldwide, does not yet appear to be part of the Treasury’s freezing order.
“Until very recently, it was very clear who was in charge of the [LIA’s] money,” said Mr Egger. “Libya was Gaddafi and Gaddafi was Libya.”” – Link