SA repatriates Lybia’s monies and assets
South Africa was to repatriate Libyan funds and assets, the Ministry of Finance said in a statement yesterday. It noted: “This was agreed at a meeting on Tuesday last week between [Finance] Minister [Pravin] Gordhan and a Libyan government delegation led by Mr Usama al Abid, the Minister in the Office of the Libyan Prime Minister.” It said the decision was made in terms of UN protocols. Local newspapers have reported that Libya had asked the government to help it recover more than $1 billion (R9.9bn) in diamonds, gold and cash. The Libyan government last year established a body to co-ordinate efforts to return funds allegedly stolen by the late Libyan dictator Muammar Gaddafi and stashed abroad. The ministry said the panel focussed on “identifying and monitoring the hidden assets of the Libya Investment Authority, the Libya Africa Investment Portfolio and the Libya Africa Investment Company, as well as the assets of individuals listed under the relevant UN Security Council Resolutions”. South Africa has attracted its share of illicit funds from other parts of Africa, despite laws designed to monitor the movement of money through the banking system. – Ethel Hazelhurst