Malta Today has reported that Over €96 million in money held by Bank of Valletta by the heirs of the late son of Muammar Gaddafi, will have to disbursed in favor of the Libyan state, as a six-year case finally wraps up with a decision in favor of the plaintiff, the Libyan Attorney General.
Gaddafi’s millions were managed by the former Labor Party treasurer Joe Sammut, an accountant who had been facing proceedings in court for creating companies with false stock to secure residence permits for Libyan businessmen in Malta.
The report says that the cash funded Muatassim Gaddafi’s playboy lifestyle, with millions held in his various American Express and Visa credit card accounts.
The three accounts at Bank of Valletta were held in the name of Capital Resources, a company owned by Gaddafi but whose name appeared as Muatasimbllah Muammar Abuminyar.
The Libyan Attorney General had also accused Bank of Valletta of violating know-your-customer rules that should have prevented it from opening an account for Gaddafi in the first place.
