Former Libyan Ambassador Reveals Gaddafi’s Secret Billions in Canadian Banks


The former Libyan Ambassador to Canada, Fathi El-Baja has disclosed that the late Libyan leader, Muammar Gaddafi squirrelled away billions of dollars in Canadian bank accounts during his four-decade-long rule.

El-Baja, speaking exclusively to “The Globe & Mail” newspaper, unveiled the clandestine financial operations orchestrated by Gaddafi, shedding light on the extent of Libya’s hidden wealth.

According to El-Baja, Gaddafi covertly stashed away vast sums within Canadian financial institutions, ensuring their secrecy throughout his 42-year reign. Even after his expulsion from power in Ottawa, El-Baja said he retains highly classified documents containing intricate details of these offshore accounts, preserving the enigma surrounding Gaddafi’s financial empire.

Expressing concerns over potential corruption and misuse of the funds, El-Baja expressed his determination to safeguard these financial records, until a democratically elected government assumes power, “one that is accountable to the Libyan people.” However, the former ambassador declined to provide specific details from the documents, emphasizing their sensitivity and the need for their protection.

Insiders familiar with the matter, divulged that Gaddafi relied on intermediaries, including Canadian agents, to establish bank accounts and dummy corporations in Canada. These entities were instrumental in concealing a portion of his illicitly obtained wealth, further complicating efforts to trace and recover the funds.

The sources also revealed that Gaddafi commingled his personal fortune with Libyan state funds, depositing them not only in Canadian banks, but also in other undisclosed locations worldwide. Such intricate financial manoeuvres allowed the former dictator to obfuscate the true extent of his hidden riches.

The Libyan authorities, facing the daunting task of reclaiming the looted assets amassed by Gaddafi and his inner circle during his prolonged rule, are renewing their efforts to recover billions of dollars.

Meanwhile, Canada finds itself under mounting international scrutiny, for its failure to identify and freeze Gaddafi’s cash accounts and assets promptly. Critics argue that the country’s lax implementation of international sanctions imposed on Libya further compounds the challenges faced in repatriating the frozen funds. The Canadian government has yet to disclose the total sum of Libyan assets frozen as a result of these international measures.

Estimates provided in documents submitted to the US District Court for the Southern District of New York paint a staggering picture of Gaddafi’s financial misconduct.

According to the Canadian newspaper, it is believed that the late leader, along with his relatives and associates, embezzled up to $200 billion from Libyan state coffers between 1969 and 2011. Furthermore, it is suspected that over $40 billion of these illicitly obtained assets remain concealed outside of Libya.