Gaddafi’s gold, diamond billions 'found in South Africa'

Assets worth billions of dollars belonging to slain Libyan dictator Muammar Gaddafi are thought to be held by South African banks according to a newspaper report.

South Africa's Sunday Times reported reported that Libyan investigators had found evidence that more than $1 billion in cash, gold and diamonds was being held by four South African banks and two local security companies.

The paper reported that the claims are being investigated by the office of the South African Finance Minister and that Libyan officials also met with President Jacob Zuma and the Justice Ministry of the African nation in attempts to return the loot.

Gaddafi was killed in October 2011 during the North African country's revolution and the new government has been trying to repatriate the dictator and his family's assets which by some accounts could top $80 billion are are stashed in bank accounts and vaults around the world.