The Tripoli Criminal Court has convicted an individual who falsely assumed the role of CEO of the Libyan African Investment Company (LAICO) in Central Africa after evidence confirmed his involvement in embezzling millions of dinars from the revenues of real estate investments owned by the company in the Central African Republic.
According to a statement from the Attorney General's Office, the defendant falsified his administrative authority and illegally managed the rental of the company’s properties, causing financial losses estimated at 7,186,927 dinars through suspicious deals that violated public funds. This included an unfair lease contract that significantly compromised the revenues of a major investment property.
The statement confirmed that the court, in a decisive session, imposed a strict penalty on the defendant, sentencing him to 10 years in prison, a fine of 200,000 dinars, and requiring him to return 8 million dinars as compensation for the embezzled funds.
LAICO had previously issued a clarification regarding the announcement of the confiscation and auctioning of Libyan state assets in Central Africa. It explained that it owns a five-star hotel, two residential buildings, and a plot of land in the Central African Republic, which Libya acquired in exchange for loans granted to the African nation under an investment protection and promotion agreement signed between the two countries in 2007.
The statement accused a seconded employee at LAICO Central Africa of refusing to hand over management duties after his secondment period ended, illegally taking over the company’s management, engaging in unlawful practices, and making decisions that violated laws and regulations governing operations. He allegedly exploited the political and administrative division that affected Libyan state institutions between 2016 and 2018.
