UK govt expected to seize Libya’s London assets

The UK government is set to seize billions of pounds in assets that Colonel Muammar Gaddafi and the Libyan regime have deposited in London, including a series of London trophy real estate assets. The Libyan regime is understood to have around £20bn in assets in London, in bank accounts, commercial property and a £10m mansion. Many of these assets are expected to be frozen in the next few days as part of an international drive to force Gaddafi from power. A Whitehall source told the Daily Telegraph: “The first priority is to get British nationals out of Libya. But then we are ready to move in on Gaddafi’s assets, the work is under way. This is definitely on the radar at the highest levels.”   LAFICO, the property arm of the country’s sovereign wealth fund, Libyan Investment Authority, has built a commercial property portfolio of more than £700m in London.   paul.norman@estatesgazette.com   To access all EGi news stories and commercial property data sign up for a free trial today, or visit the subscription options page to find out more.