‘Gaddafi, family possess wealth in excess of $20 bn’

Colonel Muammar Gaddafi has been ruling Libya for more than 40 years.

Berne: Colonel Muammar Gaddafi, the Libyan leader who has ruled the country for over 40 years, and his family possess wealth "in excess of USD 20 billion”, an intelligence source has said.

"With all those revenues flowing through the national government, through the treasury, it`s pretty easy to tap those revenues for various purposes," CBS News quoted Raymond Baker, director of the Global Financial Integrity, as saying.

The Swiss government has already ordered a freeze on the assets belonging to Gaddafi in that country.

Earlier, WikiLeaks had quoted a January 2010 State Department cable written by current ambassador Gene Cretz, as saying that Gaddafi’s regime controls USD 32 billion in liquid assets around the world, adding that “several American banks are each managing USD 300-500 million" in regime funds, the report said.

"I remember interviewing the director of the Central Bank at one point who admitted that quite frankly, he had no idea for some years what money went where, and under what circumstances," said Dirk Vandewalle, author of `A History of Modern Libya` had claimed.