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SA hoarding Gaddafi loot - Treasury to investigate

Libyan investigators want to locate the money allegedly brought to SA by Gaddafi’s family.

Muammar Gaddafi.

JOHANNESBURG - The National Treasury said on Sunday it would investigate allegations that South Africa was holding billions of rands for the former Libyan president Muammar Gaddafi.

The Sunday Times reported that four local banks and two security companies in the country were holding cash, gold and diamonds worth over $1 billion for the dead dictator's family.

The newspaper reported that Libyan investigators have met with top government officials to discuss locating and returning the loot, allegedly brought to South Africa by Gaddafi's family.

Presidency spokesperson Mac Maharaj refused to comment on the matter, confirming only that the group of men claiming to represent the Libyan government did approach the president but were referred to National Treasury.

"National Treasury was approached by a group claiming to represent the Libyan government and at the moment Treasury is trying to verify the claim," said Treasury spokesperson Jabulani Sikhakhane.

The paper claimed the goods allegedly being held in the country are only a fraction of the estimated $80 billion worth of Gaddafi's foreign assets.