South African and Libyan Governments have agreed to the repatriation of Libyan funds and assets.
Mr Pravin Gordhan, South African Minister of Finance, in a statement said that Libyan funds and assets would be handled in accordance with UN protocols.
``South Africa has agreed with the Libyan government that the repatriation from South Africa of Libyan funds and assets will be handled in accordance with UN protocols,” Gordhan said.
The News Agency of Nigeria (NAN) reports that the agreement was reached at a meeting on June 11, between Gordhan and a Libyan government delegation led by the Minister in the Office of the Prime Minister, Usama al Abid.
South Africa Treasury Department said the decision was informed by the fact that the Government of Libya had established a single body in 2012 to coordinate the repatriation of the assets to Libya.
``This body cooperates with the committee formed under the terms of the UN Security Council Resolution 1970 (2011) and the Panel of Experts which coordinates the orderly and transparent repatriation of assets of Libya frozen in various countries," Gordhan said.
He said the Panel had directed its efforts toward identifying and monitoring the hidden assets of the Libya Investment Authority (LIA), the Libya Africa Investment Portfolio (LAIP) and the Libya Africa Investment Company (LAIC) as well as the assets of individuals listed under the relevant UN Security Council Resolutions.
NAN reports that Libyan investigators learnt of state funds stashed away in South Africa from Gaddafi's former Intelligence Chief, Abdullah al-Senussi.
Al-Senussi who is currently in Gordhan confirmed that the National Treasury was approached by a group claiming to be representatives of the Libyan government asking for the repatriation of Gaddafi 's looted fund and assets.
Assets worth billions belonging to slain Libyan Dictator, Muammar Gaddafi, are thought to be held by South African Banks.
NAN reports that Libyan investigators had found evidence that more than one billion dollars in cash, gold and diamonds were being held by four South African Banks and two local security companies.
Salah Marghani, Libyan Embassy official said that Libya government had appointed investigators to secure assets in South Africa on behalf of the people of Libya.
In the letter by the Libya's Justice and Finance Ministers to their South African counterparts, the two asked for help in finding assets linked to Gaddafi .
``Investigators had been appointed to help trace funds and assets Gaddafi might have illegally possessed, obtained, looted, deposited or hidden in South Africa''.
Gaddafi was executed in 2011 after a political uprising in Libya. (NAN)