The Gadaffis' hidden billions
Feb 23 2011 06:28
The Gadaffi family could have billions of dollars of funds hidden away in secret bank accounts in Dubai, South-East Asia and the Persian Gulf, much of it likely to have come from Libya's vast oil revenues, according to analysis by leading Middle East experts.
Professor Tim Niblock, a specialist in Middle Eastern politics at the University of Exeter, has identified a "gap" of several billion dollars a year between the amount Libya makes from its oil reserves and government spending -- a shortfall he expects has contributed greatly to the wealth of Moammar Gadaffi and his nine children.
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