Assets worth billions belonging to slain Libyan dictator Muammar Gaddafi are thought to be held by South African banks, the Sunday Times reported.

"National Treasury was approached by a group claiming to be representatives of the Libyan government," Finance Minister Pravin Gordhan's spokesman Jabulani Sikhakhane told the newspaper.

It reported that Libyan investigators had found evidence that more than US1 billion (about R10bn) in cash, gold and diamonds...read more here: Gaddafi billions in SA: report