Gaddafi's Dutch millions

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Libyan leader Muammar Gaddafi keeps part of his billion-dollar empire in the Netherlands. Tamoil, the Libyan state oil company, which has around 160 petrol stations in the Netherlands, is located in the town of Ridderkerk.

An investigation by Dutch newspaper de Volkskrant shows that Tamoil is a subsidiary of Oilinvest, which is headquartered in Monaco and is active in other European countries. The company trades in crude oil and refined petroleum products, transport, refineries, storage and distribution of oil. It also markets and sells lubricants.

A company which extracts oil and gas for Colonel Gaddafi in Libya, France and Canada is also registered at the same address. 35 people work in the offices in Ridderkerk. In 2009 Tamoil made a nett profit of 26 million euros on a turnover of 7.7 billion euros.

Another substantial part of Gaddafi’s fortune is in Italy, the former colonial power in Libya. Tamoil, for example, is the biggest player in the fuel market there. Colonel Gaddafi also owns shares in UniCredit, one of the biggest Italian banks, and in Finmeccanica, which produces defence equipment. Financially less impressive, but still worth mentioning, is the Libyan leader's stake in football club Juventus.

All the Colonel’s assets are bundled in the umbrella investment company Great Socialist Peoples Libyan Arab Jamahiriya, which has been headed by Gaddafi himself since 1969. De Volkskrant estimates his total financial worth at 60 billion euros. The lion’s share, over 40 billion, is located in Libya itself.

(imm)

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