Gaddafi’s assets frozen in Spain

SPAIN is putting some of Gaddafi’s frozen funds at the disposal of Libya’s National Transitional Council.

Recognising the NTC as the nation’s legitimate representatives, Spain has released €16 million for humanitarian aid and is sending 18 tons of medical supplies.

The €16 million was “money on account” said government sources.  This would later be deducted from the final amount to be transferred to Libya once the UN unfroze the deposed dictator’s funds in Spain. It was not possible to give an estimate of Gaddafi’s Spanish fortune, according to the Moncloa.

Spain will eventually release all of Gaddafi’s assets including La Resinera, a 72,000-hectare estate extending over Benahavis, Estepona, Igualeja, Juzcar and Pujerra.  Estimated to be worth €45 million, it belongs to the Libyan state and is registered in the name of the Libyan Foreign Bank and the Banco Exterior Libio.

Also included are bank deposits belonging to Gaddafi and his family, plus interest due from Libya’s €800 million investment in Spanish debt.  The deposed dictator also holds stock in the Libya state Aresbank with a face value of €300 million.

Payments due to Gaddafi from firms like Repsol had also been blocked since last March, said the government, which confirmed that Repsol would maintain its business interests in Libya, where it had “already established relations.”


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