Libya seeks recovery of $60 Billion Gaddafi-Era investments in U.S. Treasury

The African Energy website reported Monday, December 2 that Libya is seeking to recover over $60 billion in assets secretly invested in U.S. Treasury bonds during Muammar Gaddafi’s regime. The funds, previously unknown, were reportedly funneled through complex networks starting in the 1990s, bypassing strict international sanctions.

A delegation led by Mohammed Mansli, Director General of the Libyan Asset Recovery and Management Office (LARMO), plans to meet with U.S. officials this December to claim the assets. Investigations revealed that hundreds of bonds—some matured and others still active—were purchased, with proceeds deposited into U.S. financial institutions, primarily in the Midwest. LARMO believes these deposits may be crucial to smaller banks, potentially complicating efforts to repatriate the funds.

Ownership details of many assets remain unclear. In one instance, a U.S.-registered company owned by a deceased Libyan national held three bonds worth $800 million, with the heirs cooperating with LARMO. Additional bonds were uncovered through data on floppy disks found at the home of Gaddafi’s son-in-law, Abdullah Al-Senussi, after the 2011 revolution.

LARMO’s efforts, supported by British expert Jonathan Berman, have traced the network of European banks and business fronts used to channel funds to the U.S. These bonds are separate from Libya’s frozen $200 billion sovereign wealth, which includes global real estate and financial instruments.