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Gaddafi stashed $1.1 bn of Libya govt assets in US

Goldman Sachs, JPMorgan Chase are holding $1.1 billion in Muammar Gaddafi’s Libyan government assets.

New York: Investment bank Goldman Sachs and JPMorgan Chase are holding USD 1.1 billion in Muammar Gaddafi’s Libyan government assets, it has emerged.

According to a report by the US Treasury`s Office of Foreign Assets Control, Goldman Sachs is holding onto USD 604,972,056.56 of Libyan government assets, and JPMorgan Chase holds assets worth USD 513,319,668.58, the New York Post reports.

According to the Libya Sanctions Blocked Assets report, Wells Fargo has USD 6,098,291.04 and Bank of America has USD 837,875.85, the paper said.

The report, however, does not show any of the banks holding personal funds for Gaddafi or his son, Seif al-Islam Gaddafi.

The State Department earlier said it had released USD 1.5 billion in Libyan funds, which includes money for providing humanitarian support, fuel, health, education and social services.

The State Department and US Treasury refused to comment on whether the assets in the four banks were those being released.

Goldman Sachs and Chase refused to comment.

Meanwhile, a Wells Fargo spokeswoman said that seven Libyan accounts and 30 transactions had been frozen and that the bank had not been approached to unfreeze them.

The Bank of America also said it had not been contacted by the government to unfreeze the money, the paper said.


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