South Africa to return Gaddafi's looted assets to Libya

South Africa will return slain Libyan leader Muammar Gaddafi's assets and cash stashed in the country to Libya.

The Treasury said on Thursday that the two governments agreed that the funds be transferred from South Africa of Libyan funds, which is totaling almost 10 billion Rand, and are also thought to include diamonds and gold.

According to news24, the assets were placed in South Africa by the Libya Investment Authority, the Libya Africa Investment Portfolio and the Libya Africa Investment Company - funds closely controlled by the Gaddafi regime.

The deal was reached at a meeting between Finance Minister Pravin Gordhan and a Libyan government delegation on June 4.

Libyan investigators learned of state funds stashed in South Africa from Gaddafi's former intelligence chief Abdullah al-Senussi, who is in a Libyan prison after being extradited from Mauritania, the report said.