On Friday 9 March Libya will go to the High Court in an attempt to recover a £10m London mansion belonging to Gaddafi’s third son Saadi.
On Friday 9 March Libya will go to the High Court in an attempt to recover a £10m London mansion belonging to Gaddafi’s third son Saadi.
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The house, 7 Winnington Close, Hampstead, was bought in 2010. It is owned by a British Virgin Island (BVI) company, Capitana Seas Limited. Global Witness understands that the representatives of Capitana Seas, Trident Trust Company of the BVI, do not intend to contest the case.
“This case is the first of its kind brought by the new Libyan authorities seeking to claw back some of the Gaddafi clan’s illicitly-acquired loot. It shows how easy it is for corrupt regimes to access the western financial system – often using shell companies in British secrecy jurisdictions – and spend their money on luxury lifestyles,” said Robert Palmer, a campaigner with Global Witness.
The house is currently occupied by Libyan squatters who took up residence after last year’s revolution. The UK assets of Capitana Seas are subject to a freezing order by HM Treasury as part of the broader Libya sanctions implemented last year. The Treasury lists Saadi Gaddafi as the owner of Capitana Seas.
Global Witness will be at the hearing on Friday to provide context or comment. The case is The State of Libya vs Capitana Seas Limited and is due to be heard by the Commercial Court, Queen’s Bench Division.
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