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Sweden freezes Qaddafi billions

TT/The Local/pvs · 23 Mar 2011, 08:39

Published: 23 Mar 2011 08:39 GMT+01:00

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The Swedish Financial Supervisory Authority (Finansinspektionen - FI) declined to confirm the nature of the assets frozen. But according to the newspaper they have been hidden by "a number of people and units which have connections to Qaddafi".

According to DN the total sum is probably considerably more than ten billion kronor.

"We can't comment on where they are and what type of assets they are," FI spokesperson Jonatan Holst told the newspaper, citing bank confidentiality.

According to DN the assets are part of the portfolio held by the Libyan Investment Authority (Lia), which manages gains from oil revenues totalling around 440 billion kronor. Lia owns shares in, among other things, Italian football club Juventus and the publisher Pearson.

Lia also owns property in London and government bonds.

It has previously been reported that Libya has contributed to the building of a mosque in Malmö and researchers in Uppsala have also received funding, as well as the London School of Economic (LSE).

In Denmark, government coalition party Venstre has demanded that luxury properties in Österbro in Copenhagen and Jägersborg should be sold. The properties are valued at around 30 million Danish kronor ($5.7 million).

Venstre wants the revenue from the sales to go to Libyans who have fled the civil war in the country. The party said the demand is reasonable as "Qaddafi's abuse against his own people led to the loss of his legitimacy as the Libyan leader," according to the Danish news agency Ritzau.

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The property in Österbro houses the Libyan embassy and the house in Jägersborg has been the home of Muammar Qaddafi's son Motassim Bilal Qaddafi, who previously studied at the Copenhagen Business School.

"The UN resolution may give Denmark the possibility of seizing Qaddafi's assets. After that we want to put in process a legal process so that the assets can be sold and the money given to the rightful owners, Libya's people," Venstre's Karsten Lauritzen said.

"Willingly as help to Libyan refugees nearby," he added.

TT/The Local/pvs (news@thelocal.se)

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Your comments about this article

09:20 March 23, 2011 by Ozpot
Great, so now Sweden will become a terrorist target.
09:27 March 23, 2011 by occassional
lt remains to be seen how much the Libyan people will get out of this modern day "collectivisation" by the F-16 equipped Robin Hoods and their conveniently selective moral high ground. Family of nations...yeah.
09:29 March 23, 2011 by wenddiver
Great nothing says moral high Ground like stealing somebodys money.
09:31 March 23, 2011 by Luckystrike
The USA and UK go for the oil and gas. Sweden sneaks in the backdoor to go for the cash.
10:10 March 23, 2011 by Nemesis

Gadaffi is a dead man walking and Sweden now has 10 billion kronor extra.

How about using the money to improve the trains, job creation or something else useful for Sweden, instead of waiting to hand it back to a terrorist supporting and directing lunatic.
10:17 March 23, 2011 by Vitas
Is there something that Sweden decides self? New order from USA embassy?
10:22 March 23, 2011 by johnny1939
Guess the money belongs to the country of Libya and should be frozen until he is either dead or captured. But one has to be assured that it does not go to any of his family or agents. Maybe this is impossible and should be used to help the world's poor. It is a difficult question indeed. Let the United Nations make the right decision (hehe)
11:12 March 23, 2011 by glamshek
USA is Dajjal. Israel is its Child, Saudia is its wife
11:53 March 23, 2011 by thinkright24
will Sweden ever give this money back to whom it belong i.e. libya and its people??

switzerland has never done it
12:24 March 23, 2011 by Rishonim
@ Ozpot, We already are a terrorist target. Haven't you heard of the Xmas season failed suicide attempt?
12:24 March 23, 2011 by goober
Can not help but think everyone is slightly missing the point. Gadaffi is a brutal, corrupt dictator despite what his son says.

However whilst Libya was under the radar we very only too delighted to look after their money.

Do we have to assume the Burmese and North Koreans are also enjoying our double standards as well.
13:10 March 23, 2011 by Ozpot
The international community has hit Muammer Gaddafi with a raft of sanctions and asset freezes aimed at cutting off his funding. But the embattled Libyan leader is sitting on a pot of gold.

The Libyan central bank - which is under Col Gaddafi's control - holds 143.8 tonnes of gold, according to the latest data from the International Monetary Fund, although some suspect the true amount could be several tonnes higher.

Gadaffi is not one to go down without a fight however and has reportedly hired foreign mercenaries to defend the regime against impossible odds. These mercenaries are reportedly the best that money can buy, and many of the mercenaries have been paid in gold bullion bars and coins and may include elite former members of the French Foreign Legion, and Special Operations types from South Africa and other parts of the world. What we call in the business "major bad asses".
14:38 March 23, 2011 by Jes
Why now ?

Has Sweden and Denmark just found out that Gadaffi is a dictator who steals from his own people ?

The question should not be whether Gadaffi had hidden billions in Sweden but why he was let to do so in the first place .

What is Sweden going to do about other African dictators that steal money and buy property in Sweden like Musevni of Uganda has done around Stockholm and other places in Sweden?

I would prefer that bodies such as Finansinpektionen , should be right there to prevent this kind of activity rather than to wait for a cure . All politicians in Africa and the Arab World should be profiled ,watched and blocked from Banking lots of money , or buying property , unless they personally reveal the sources of their incomes . just like all citizens in the democratic societies do . Banks , especially Swiss Banks , should be inspected or investigated by the UN to make sure they don`t persue a policy of aiding thieves that are disguised as Leaders .

Everybody talks about immigration and why all these people are running into Europe . But not many are asking what Europeans would do if billions were stolen from their econmies by Presidents , Prime Ministers , Kings ; Bank Managers , etc etc , and hidden away in African and Arab National Banks .
14:54 March 23, 2011 by DJECKY
This developed world are all big thieves,when stolen money is brought to them to hide they accept it quitely.but when the person has problems in his country they are the first to announce that such amount is hiden in thier banks

Finally the money is never given back to the rightfull owners,but the interest and principal sum is then stolen by the developed country cheating the poor,.
15:02 March 23, 2011 by glamshek
Root Cause of all Problems. Oil and US ISRAEL Saudia
18:36 March 23, 2011 by wenddiver
@Nemisis- The hell with Public Transportation, suggest you put the money in duffel bags and fly to Miami, Las Vegas or Dallas, so you can get help from people who don't care where the money came from. There are a lot of good things you can buy with a billion dollars and a special Ed bus isn't one of them. You might want to get with Charlie Sheen and get some lifestyle advice.
19:10 March 23, 2011 by Zhorka
How sad that Sweden joins evil forces of imperialism and neocolonialism.
05:56 March 24, 2011 by Commoner
Sweden needed an excuse for pounding the assets of Qaddafi. How do you guys think, in case Sweden has to send Jas fighter planes to Libya. Who will pay for it? Qaddafi himself :)
08:56 March 25, 2011 by Rebel
I find it odd that in this war of aggression against Libya the French, Obama and Swedes are thirsty for blood while the Russians, Germans and Chinese are calling for peace and fairness. Just wondering though, will Sweden now freeze the assets of the Saudi government?
11:14 March 25, 2011 by karex

Interesting point. Which leads us to think of: why the two opposite lines of thought? My suspicion is that the human species being as it is, a very precious few ever do anything for the sole benefit of another. Indeed in the vast majority of the cases, those who take action and try to justify as "humane support" actually have another agenda. I have come to practice the attept to understand the "what's in it for me" factor behind all major world events...

In this case perhaps the difference in opinions lie in this very realm: those who participate in the agression have something to gain, and those who don't have not found anything to gain, only expense, so they opt not to participate...
13:48 March 25, 2011 by Uncle

Yep - the cause of all problems is not Islam, muslim and communist dictators, European colonial policies, invasions of muslims into Europe and crusaders into Middle East, slavery, desease and thieves, but Israel...

The cause of ALL problems in muslim wold is Israel. 1,5 billion are so much oppressed by the 6 milion Jews in Israel, that without Israel, the muslim world would live in happiness and peace.

So if muslims HAVE oil, the problem is Israel, since there is oil and it is not good. If muslims have no oil, the problem is Israel because these countries are poor due to Israel. Right?

Ya'll nations of brainwashed morons, whose only problem is the low average IQ per capita... Tired of this.
20:27 March 25, 2011 by technoviking
@ Uncle

That's what happens when an entire chunk of the world spend years studying the schizophrenic rantings of the koran instead of math and science.

It's literally like dealing with children. They have no logical capacity in any modern sense of the term.

The results speak for themselves.
22:03 March 25, 2011 by Rebel
@technoviking, that is why Iran is adevancing more in science than any nation on earth? That is why so many Muslims are getting advanced degrees in math, medicine and science? And why is it that in natural science schools in Sweden you often find half or more of the students are of immigrant background while schools specializing in the social sciences most of the students look like Paris Hilton/Justin Beiber Swedish clones? Bet most of those swedish kids getting degrees in sociology or whatever are at best agnostic.
23:38 March 25, 2011 by Baldeagle 11
Presumably, the Swedish authorities took possession of the Libyan property under NATO/EU regulations, and the sovereign Nation of Libyan is entitled under international law to a full a fair accounting of all such property from the Government of Sweden, when either Sweden's acts are proved lawful or otherwise under the adjudication of the Courts at the Hague! Moreover, under such international process the actual ownership can also be defined as either to an individual or to an actual government entity.
00:55 March 26, 2011 by Uncle

"that is why Iran is adevancing more in science than any nation on earth?"

Hahhaa Oh, yeah, the most advanced nation ever. Invented what? Oh, yeah. Carpet designs, mine field clearing with humans and ways to steal missile technologies from the soviets.

Really advanced. WHAT did Iran contribute science wise? WHAT? Any processor? Any plastics progress? Clean energy? Medical inventions? Microwave technologies? Introduced a competitor to Ipad? To ANY telephone at all? Produced a popular car? Invented a popular show? Anything? Throw me a bone here... And...eehhh them swedish kids with "degrees in sociology" invented VOLVO, IKEA, SAAB, SKANSKA. What did Iran invent?

Kidnapping diplomats in embassies? Great achievement.

Entire muslim world is failing in every aspect of life and the news today prove it. TODAY on the news were Lybia, then Iran (not technological news), then Yemen, then Syria, then Jordan.. Your entire barbarian, apartheid, racist world, built on majority muslim male domination is falling apart.

Burn, baby, burn.
00:57 March 26, 2011 by Observant
Freezing Gaddafi's assets! Umm I am sure Sweden will f * * * up that job also.

Gaddafi is NOT out yet and as things are going he will show the UN, EU, NATO and the USA a thing or two.

Terrible as he may or may not be countries should be careful.

Already the British RAF are over-stepping their mark by bombing Gaddafi's ground forces which the UNSC Resolution did not stipulate should be done.

I say good old Gaddafi keep up the good work while the UN, EU and NATO squabble over who will be "in charge" they are only wishing they had a good commander in their forces like Gaddafi but would never admit to that.
14:16 March 28, 2011 by wenddiver
After reading about all he Muslim Technical advances with REBEL and What a Military Genius Qadaffi is with OBSERVANT, I am going to suggest we change the name of this sight to Comedy Central..

Love that Cave Man Technology!!!!
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