Swiss find over $400M of possible Gadhafi funds

By The Associated Press
Monday, May 2, 2011 at 12:57 p.m.

GENEVA — The Swiss government says it has identified assets worth over 360 million Swiss francs ($416 million) that may belong to Libyan leader Moammar Gadhafi or his entourage.

Swiss Foreign Minister Micheline Calmy-Rey revealed the figure Monday at a diplomatic meeting in the Tunisian capital Tunis.

She also says Switzerland has linked some 410 million francs in the Alpine country to former Egyptian President Hosni Mubarak and 60 million francs to Tunisia's deposed autocrat Zine El Abidine Ben Ali.

Switzerland ordered banks and other financial institutions to freeze possible assets belonging to the three men and key supporters to prevent the funds from being secretly withdrawn.

The Swiss government says Tunisia and Egypt have already started legal proceedings to claim the assets.

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