Initial reports were that Libyan money had been committed to local property projects, including the Michelangelo Hotel in Sandton.
Libyan state assets were estimated at more than $1bn in cash, gold and diamonds held by four banks and two security companies in South Africa. Gaddafi was believed to have stashed $80bn in assets around the world.
In a statement on Thursday, the Treasury said minister in the office of Libyan Prime Minister Usama al Abid and Finance Minister Pravin Gordhan agreed last week that the repatriation of Libyan funds and assets be handled in terms of United Nations protocols. However, it is still unclear whether or not the cash assets will be subjected to South Africa’s exchange control regulations.
"The relevant South African and Libyan authorities still have to identify the funds and assets that are alleged to have been brought to South Africa," Treasury spokes man Jabulani Sikhakhane said.
The Treasury said the decision to allow the investigations into Libyan assets in South Africa was based on the move by the Libyan authorities to co-ordinate the repatriation of assets to the war-torn country.
This body works closely with a committee formed in terms of the United Nations Security Council Resolution 1970 taken in 2011 as well as the Panel of Experts which co-ordinates the transparent repatriation of Libyan assets frozen in various countries around the world.
"There have been rumours for a while that there were assets that were placed in various countries around the world and now that conditions have become more stable, the new Libyan government wants to take charge of things. They want to repatriate these funds," Brooks Spector, a foreign relations commentator, said.
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