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South Africa Agrees to Repatriate Libya Funds Hidden in Country

South Africa said it will track and repatriate Libyan funds and assets that were hidden in the country during the rule of dictator Muammar Qaddafi.

Finance Minister Pravin Gordhan reached the agreement after talks with Libyan officials, including Usama al Abid, minister in the office of Libyan Prime Minister Ali Zaidan, on June 4, according to a statement from the South African finance ministry. The repatriation will be done under United Nations protocols.

Libya, which ousted Qaddafi last year, is seeking the return of overseas assets after the value of its sovereign wealth fund dropped. The Libyan Investment Authority’s assets are about $57 billion, down from about $61 billion in 2008, outgoing sovereign wealth head Mohsen Derregia said in March.

The country is also examining losses on derivative contracts it entered into with Societe Generale SA and Goldman Sachs Group that contributed to the declines, he said.

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