Robert Mugabe is believed to have mortgaged most of his country's most valuable assets to Colonel Gaddafi, the Libyan leader, in exchange for hundreds of millions of pounds in loans to keep Zimbabwe from complete collapse.

Desperate to cling to power in next month's elections, President Mugabe is said to have handed over state-owned farms, hotels and oil refineries in a secret deal with Colonel Gaddafi. As part of the exchange, the Libyan dictator is funding Mr Mugabe's security forces.