Saturday, February 26, 2011

Gaddafi secretly transfers £3bn to Mayfair-based fund as European leaders say 'brutality and intimidation will not be tolerated' - 26th Feb 2011

Colonel Gaddafi secretly deposited £3bn with a London-based private wealth manager, it emerged today.

As rebels began their uprising in eastern Libya last week, a Swiss intermediary working for the dictator brokered a deal to transfer the funds from the oil-rich nation.

But a similar attempt five weeks ago was rebuffed when senior staff at a separate City stockbroking firm learned of the source of the money, The Times reported.

The firm's chief executive told The Times: I said no, because personally I'm not comfortable dealing with murdering dictators with blood on their hands.'

However, the transaction went ahead with a Mayfair-based private wealth manager last week.

Treasury officials were today stepping up efforts to trace and freeze Gaddafi's assets in Britain, thought to include billions of pounds in bank accounts and commercial property. Read More