SA orders freeze on Gaddafi’s assets

President Jacob Zuma has ordered the Treasury to freeze assets linked to Libyan leader Muammar Gaddafi and his associates, a government official said on Friday.

“The process is under way and we are writing letters informing them that no money will be allowed to leave South Africa,” foreign ministry spokesperson Clayson Monyela said without offering further details.

Billions of dollars in assets
Business Day said the money is invested through the $5-billion Libya Arab Africa Investment Company (Laaico), through Libya Oil Holdings, Libya African Investment Portfolio and Libyan Foreign Investment Company (Lafico).

In South Africa, it owns Ensemble Hotel Holdings, including the luxury Michelangelo Hotel in Johannesburg.

Libya holds billions of dollars in assets in Africa through subsidiaries of its $70-billion sovereign wealth fund.


The Presidency said on Wednesday that Gaddafi called Zuma “to explain his side of the story”.

The statement said: “South Africa has openly condemned the loss of life and attacks on civilians and reported violations of human rights in Libya.” — Reuters

Subscribe to the M&G

These are unprecedented times, and the role of media to tell and record the story of South Africa as it develops is more important than ever.

The Mail & Guardian is a proud news publisher with roots stretching back 35 years, and we’ve survived right from day one thanks to the support of readers who value fiercely independent journalism that is beholden to no-one. To help us continue for another 35 future years with the same proud values, please consider taking out a subscription.

Related stories

Advertising

Subscribers only

Pandemic cripples learners’ futures

South African schools have yet to open for the 2021 academic year and experts are sounding the alarm over lost learning time, especially in the crucial grades one and 12

Q&A Sessions: George Euvrard, the brains behind our cryptic crossword

George Euvrard spoke to Athandiwe Saba about his passion for education, clues on how to solve his crosswords and the importance of celebrating South Africa.

More top stories

Inside George Mukhari hospital’s second wave

The Bhekisisa Centre for Health Journalism and James Oatway visited George Mukhari academic hospital to document the second-wave realities experienced by doctors and nurses

Power shift at Luthuli House

Ace Magashule’s move to distance himself from Carl Niehaus signals a rebalancing of influence and authority at the top of the ANC

Trump slinks off world stage, leaving others to put out...

What his supporters and assorted right-wingers will do now in a climate that is less friendly to them is anyone’s guess

The US once again has something  Africa wants: competent leaders

Africa must use its best minds to negotiate a mutually beneficial economic relationship
Advertising

press releases

Loading latest Press Releases…