The US has issued sanctions on Libyian leader Muammar Gaddafi and his cronies.
The US has issued sanctions on Libyian leader Muammar Gaddafi and his cronies.

Gaddafi family worth billions

By Time of article published Feb 27, 2011

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Cairo - Opposition leaders estimate the assets of the family of Libyan leader Moamer Gaddafi at 80 to 150 billion dollars, though no precise figures are available since it has always been highly risky to speak of the corrupt dealings of the clan.

But some interesting insights can be gleaned from diplomatic cables from the US embassy in Tripoli which were recently made public by WikiLeaks.

The cables revealed that the family has connections to oil, gas, telecommunications, construction, hotels, media and consumer goods sectors.

Some of the sons of Gaddafi are said to have made it a practice of showing up at the office of the head of the National Oil Corporation (NOC), Shukri Ghanem, without their father's knowledge.

They would then strong-arm Ghanem into handing over millions from petroleum revenues for their own private purposes - or else divert the oil to them directly.

Saif al-Islam additionally was involved in raking in oil revenues through his One-Nine Petroleum company. His sister Aisha is said to own a private hospital in Tripoli. The state-run telecommunications and Internet company funnels money to Mohammed Gaddafi.

Al-Saadi is in the real estate and tourism sector. There is said to have been a sibling dispute amongst Al-Saadi, Mohammed and Mutassim over the Coca-Cola licensing rights.

No one yet knows how much of the profits the Gaddafi clan has managed to shift abroad. The family purportedly has bank accounts in the Arab Gulf states, despite the fact that their relations with most Gulf rulers are bad.

Saif al-Islam is said to own a very upscale property in London. In addition, the clan owns a shopping arcade in the heart of the British capital.

In 2002, the Gaddafi family obtained 7.5 per cent of Juventus Turin, the Italian football club, via their Lafica investment company at a cost of 22.9 million euros. - Sapa-dpa

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