RollOnFriday reports that they received a tip-off that mid-tier firm Stephenson Harwood was assisting the mystery client following the introduction of legislation aimed at freezing Colonel Gaddafi's assets.

RollOnFriday thus decided to investigate the relationship the firm has with the Gaddafi government and any advice it may be providing in regards to the Libya (Financial Sanctions) Order 2011, which was introduced last month.

A spokesman for the firm refused to reveal the identity of their client, but confirmed that the firm is not acting for the Gaddafi family or the Libyan Government.

"We are not advising anyone on how to evade sanctions [but] we are working with our client, together with Treasury and the FSA (Financial Services Authority), on steps to preserve and enhance the value of assets for the benefit of the Libyan people, fully in accordance with the sanctions that are in place," said the spokesman.

Stephenson Harwood won't be the only UK firm scrambling to preserve Libya's assets, with plenty of businesses, including international law firm Barlow Lyde & Gilbert, housed in Gaddafi-owned prime real estate in London.