LARMO seeks to reclaim $60bn in hidden US Treasury bonds

Libya is pursuing the recovery of over $60 billion in assets allegedly invested secretly in US Treasury bonds during the Gaddafi era, African Energy reported Monday.

Mohammed Mansli, Director General of the Libyan Asset Recovery and Management Office (LARMO), is scheduled to meet US officials this December regarding the claim. The assets were reportedly unknown until recently, according to sources familiar with the matter.

The investments, made through complex networks during the 1990s, occurred despite international sanctions against Libya. The bonds were purchased through various channels until 2011, with LARMO investigations indicating the funds were not returned to Libya after Gaddafi’s fall.

Most assets are held by financial institutions in the US Midwest, including matured bonds and coupon payments. LARMO expressed concern about potential resistance to releasing the funds due to possible impacts on regional banking stability.

The investigation revealed key evidence from computer floppy disks found in the home of Gaddafi’s son-in-law, Abdullah Al-Senussi, containing bond identification numbers. British expert Jonathan Berman assisted in tracing the financial networks used to channel the funds.

These assets are separate from Libya’s frozen sovereign wealth, estimated at $200 billion globally. The Libyan Investment Authority currently awaits UN Security Council approval to unfreeze its $70 billion portfolio for new investments.