The Office of the Attorney General announced the imprisonment of a former executive director of the Libyan Arab and Foreign Investment Company (LAFICO) and charges against seven other people who were appointed successively to manage LAFICO.
The Attorney General's Office said that these legal measures came as part of investigations into the company's activity in Egypt and the investments it had conducted, adding that the eight persons deliberately entered into a partnership worth 587 million US dollars, in which there was no parity, adding that out of the total amount, 376 million dollars were paid in 2007.
The Attorney General's Office explained that $86 million of the sum was later paid in 2010, adding that between 2012 and 2018, $125 million was paid as part of this partnership.
The Attorney General's Office indicated that LAFICO did not have the right to joint management, in addition to the fact that the other partner was burdened with debts and that the amounts it had paid were not equal to the value of the shares it obtained.
The Office added that the Audit Bureau’s reports and the results of the external auditor’s reports proved the eight persons’ failure to preserve another amount of money worth 90 million US dollars.
