Colonel Gaddafi's heir-apparent Saif al-Islam could be handed over to The Hague within weeks to face charges of war crimes.

The former playboy and London School of Economics student, who owns a £10 million Hampstead home, was today being held under armed guard after being captured by rebel fighters. Two of Gaddafi's other sons were also being held.

Officials from the International Criminal Court announced they had opened talks with the rebel National Transitional Council over a transfer to The Hague, where Saif and his father have been indicted for crimes against humanity. Libyan rebel leader Mustafa Abdul Jalil said Saif and his brother Al-Saadi had been captured and a third brother, Muhammad, had been arrested after handing himself in.

He said: "He (Saif) is being kept in a secure place under close guard until he is handed over to the judiciary. We gave instructions that he is well treated, in order to be judged."

The capture of Saif, the dictator's second son, is a major coup for the rebels. Once seen as a moderate and a force for change, the 39-year-old has been the public face of the regime during the uprising.

Sir Richard Dalton, the former British ambassador to Libya, said that while his two brothers may be able to cut a deal with the rebels Saif was too closely allied with his father to escape justice.

He said: "Saif al-Islam burnt his boats a long time ago. He has been at the forefront from very early on and he is completely discredited. I don't think there will be any deal for him.

"He has been indicted by the ICC and I would believe the ICC will try and honour that arrest warrant. It is ultimately up to the NTC to decide. There is a Libyan judiciary with the ability for him to be tried in Libya."

ICC prosecutor Luis Moreno-Ocampo said discussions were under way over Saif's transfer to The Hague. He said: "It is time for justice, not revenge."

Saif has strong links to the UK. He embarked on a one-year masters course, and then a four-year PhD, at LSE - although an investigation found parts of his thesis had been plagiarised.

As well as his Hampstead home, he lived for a time at the Lanesborough hotel. He held birthday parties in Monaco and St Tropez and went on hunting trips in Europe and New Zealand. He reportedly kept a pair of Bengal tigers at his Tripoli home.

After Tony Blair offered the "hand of friendship" in 2004, Colonel Gaddafi's British investments grew to an estimated £10 billion with Saif managing the business interests.

Gaddafi's oldest son, Muhammad, ran the company which operated all mobile phones and satellites in the country, as well as being head of the Libyan Olympic Committee. Al-Saadi was commander of Libya's Special Forces.