The Libyan government has sought permission to subpoena records from several major US banks due to alleged links to looting billions of dollars from Libya by its former dictator Mummar Al Qaddafi, Bloomberg writes.
In its filing Thursday in Manhattan federal court, the Libyan Asset Recovery and Management Office (LARMO) says that JPMorgan Chase & Co., Citigroup Inc., and six other large banks may have information about the money Qaddafi, his family, and associates stole.
According to LARMO, the accused transferred the money through Bank of America Corp., UBS Group AG, HSBC Holdings PLC, Credit Suisse Group AG, Bank of New York Mellon Corp., Deutsche Bank AG., and Citi and JPMorgan.
The agency estimates that at least tens of billions of dollars worth of assets that Qaddafi and his agents stole remain missing.
In a statement Thursday, Larmo legal team said that effort could become the largest international asset recovery in history.
LARMO was set up in 2017, with UN and EU support to recover stolen Libyan assets during Qaddafi’s era. The agency says its goal is to track down money looted through corrupt business deals and embezzlement of government funds.