Italy seizes Gaddafi assets worth $1.4 bn

March 30th, 2012 - 6:14 am ICT by IANS  

Rome, March 30 (IANS/AKI) Assets worth $1.1 billion euros (about $1.4 billion) belonging to Libya’s Gaddafi family were seized by the Italian police.

The assets included stocks, real estate, a share of the Juventus soccer team and a Harley Davidson motorcycle, police said late Wednesday.

Then Libyan leader Muammar Gaddafi had cozied up to the Italian government and business leaders and in the process Libya was permitted to invest petroleum profits in oil company Eni, arms maker Finmeccancia, and automobile manufacturer Fiat.

The country built up a 7.5 stake in Unicredit, sparking outrage that a North African rogue tyrant could have a powerful voice in Italy’s largest bank. It cost Unicredit chief executive Alessandro Profumo his job.

All deals were off when Italy joined its NATO allies in bombing Gaddafi’s military in support of a rebel movement. Italy froze 3.6 billion euros worth of property belonging to Libya.

Eventually, Gaddafi and his three sons were killed. The assets, authorities believe belong directly to the Gaddafis, were impounded at the behest of the court.

–IANS/AKI
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