Juan Cole: Libya Seeking Qaddafi Assets Abroad

[pampango]

The Gaddafis spent four decades plundering Libya amassing private jets, fast cars and expensive properties the world over. But next Friday could see what international corruption experts claim is the first repatriation of a major asset owned by the deposed Libyan rulers.

On Friday, at the High Court in London, the State of Libya will attempt to seize from Saadi Gaddafi, the playboy son of the dead dictator, 7 Winnington Close, a Hampstead Garden Suburb mansion in a quiet cul-de-sac worth in excess of £10m.

Libyan investigators say they were unable to establish Saadi as the owner of 7 Winnington Close until the British Treasury’s intervention. Treasury officials directly contacted authorities in the BVI, which is famous for protecting the identities of the ultimate beneficiaries of companies based there, who were forced to comply.

“This is hugely significant,” said Robert Palmer, an anti-corruption campaigner at Global Witness. “It looks as if it’s the first asset recovery case related to the Arab spring in London. It is a very complicated process requiring a significant degree of co-operation to identify an asset that is suspected of corruption and then take a case through the courts.”

http://www.juancole.com/2012/03/libya-trying-to-recover-qaddafi-assets-abroad.html

[dipsydoodle]

1. Squatters moved into that house almost exactly a year ago

I wish them luck selling that in much of a rush.