Gaddafi regime sold 29 tons of gold

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The Independent Online

The new governor of Libya's central bank says the former regime sold about 20% of the country's gold reserves to cover salaries amid the uprising that ousted Muammar Gaddafi.

Qassim Azzuz told reporters that Gaddafi's regime sold 29 tons of gold to local traders in April, netting about 1.7 billion dinars (£870 million) for the then-embattled regime which was under UN sanctions.

Libya is believed to have about 145 tons of gold reserves.

Mr Azzuz also said that none of the bank's assets were "missing or stolen" during the uprising, including about 90 billion US dollars (£56 billion) held abroad and another 25 billion dollars (£15 billion) locally.

He said the figures did not include still unknown sums of money accumulated by Gaddafi and his family, which were held outside the local banking sector.