http://www.ft.com/cms/s/0/0b31a390-437e-11e0-8f0d-00144feabdc0.html#axzz1FJMcHQUD

UK Treasury freezes Gaddafi assets of £1bn

About £1bn of assets held by Muammer Gaddafi and five members of his family have been frozen by the British government as the UK joins European Union states in taking concerted action against the Libyan leader.

After an announcement on Sunday by George Osborne that he was freezing assets held in Britain by leading members of the Gaddafi family, Treasury officials indicated the £1bn ($1.6bn) figure could grow as they investigate the holdings of Libya’s leader and his sons.

The officials have cautioned against guessing the value of the Gaddafi family’s assets in the UK because some are owned by the Libyan Investment Authority, a sovereign wealth fund, rather than the ruling household.

Q&A: Sanctions – Hunt for Gaddafi gold
What has happened?
George Osborne, chancellor, has moved to freeze the UK-held assets of Colonel Gaddafi and five members of his family following a UN security council resolution imposing sanctions on the Libyan dictator.
What exactly does that mean?
The compliance officers of all UK banks and financial institutions will receive a notice from the Treasury asking them to carry out due diligence to identify any Gaddafi assets that they hold. Their list of names to check will include people and organisations acting on behalf of the Gaddafi household, which means all Libyan companies or funds are under intense scrutiny.
What if a UK bank chooses not to comply?
They would face hefty fines and criminal charges if Gaddafi money was then traced back to them. It is incumbent on the banks to find this cash if it is there.
Are law enforcers involved in the search?
Not yet, though the Serious Organised Crime Agency will be on standby. William Hague, foreign secretary, said recently Soca agents were leading the search for the UK-based accounts of Hosni Mubarak’s cabinet after the Egyptian military made a formal request for a freeze on the deposed president’s assets.
Is the search likely to be successful?
Treasury officials appear confident, although it will be a highly complex trawl through the British financial system. As Steven Philippsohn, an asset recovery specialist at City law firm PCB Litigation, says: “This won’t be an account at Barclays in the name M Gaddafi.”
– James Boxell
Some estimates suggest the family’s British fortune could exceed £10bn.

One of the main issues the Treasury will need to establish in the next few days is whether the asset freeze has implications for the LIA, whose global holdings are valued by analysts at between £60bn-£80bn.

The LIA has a 3.01 per cent stake in Pearson, owner of the Financial Times. The LIA is also thought to own commercial property worth about £300m in the City and in Oxford Street, London.

The individuals subject to the UK’s asset freeze are the Libyan president, his daughter, Aisha, and his sons, Hannibal, Khamis, Mutassim and Saif al-Islam.

The issue Treasury officials are now considering is whether and how each of these individuals exercises control over LIA’s operations. The Treasury needs to examine if there are situations where one of the individuals named in the asset freeze has clearly directed that the LIA should make a specific investment in the UK. Where such a direction has been given, then relevant assets may be frozen and access denied.

Another entity based in the UK that could be affected by the asset freeze is the British Arab Commercial Bank. Some 83.5 per cent of BACB is fully owned by the Libyan Foreign Bank, which is fully owned by the Central Bank of Libya. Where it can be established that the central bank has been directed by one of the six individuals to make an investment, those assets may be frozen.

In addition to the asset freeze, it has emerged that the government has prevented the export of about £900m worth of freshly printed dinars produced for the Libyan authorities by De La Rue, the FTSE 250 company. The delivery will not be completed after the Department for Business, Innovation and Skills introduced an export control order that makes doing so a criminal offence. De La Rue declined to comment.

Although the terms of payment between De La Rue and Libya are unclear, the government’s move to prevent the delivery of the notes is unlikely to have a material impact on the UK company’s financial performance.

Paul Jones, equity analyst at Panmure Gordon, said De La Rue tended to demand cash in advance when it dealt with politically unstable regimes. He added it was likely that the Libyan authorities would have already paid De La Rue to cover labour and materials.

● Sir Howard Davies, the head of the London School of Economics, said he was “embarrassed” the university had accepted research funding from Saif Gaddafi.
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「カダフィ大佐とその家族らがイギリス国内に保有する資産」のように「家族ら」となっているのは、some are owned by the Libyan Investment Authority, a sovereign wealth fund, rather than the ruling household.となっているから。つまり、リビヤ政府関係の機関（金融機関を含む）が保有しているものやリビア企業の持っているものも含まれてしまうからだ。多分、非常に示威的に判断でき、ある意味、国家が強盗をやっているようなものだ。どこまでが、カダフィが不法に蓄財したものかはそう簡単に判断などできない。

また、「大佐の息子がロンドンで購入した日本円で１３億円余りの住宅」のことは上のＦＴの記事には載っていない。