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Libyan wealth fund sues Belgian Prince for fraud over reforestation project

Libyan wealth fund sues Belgian Prince for fraud over reforestation project

Libya's sovereign wealth fund has filed a criminal complaint against Prince Laurent of Belgium, accusing him of fraud and extortion linked to his bid to reclaim funds from a failed reforestation project, lawyers said on Friday. Law firm Jus Cogens, which represents the Libyan Investment Authority (LIA), said it filed the complaint against Prince Laurent for extortion, fraud and illegal influence this week. "We have communicated factual elements to the investigative judge showing, according to us, that Prince Laurent abused his status as a public office holder", said Christophe Marchand, founding partner at Jus Cogens. A lawyer for the prince…
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Libya sovereign fund to ask UN for freedom to invest billions

Libya sovereign fund to ask UN for freedom to invest billions

TOM ARNOLD LIBYA's sovereign wealth fund head plans to ask the United Nations to allow it to invest billions of dollars sitting idle in its accounts, after missing out on some $4.1 billion in potential equity returns during nearly a decade of sanctions. The Libyan Investment Authority (LIA) was blacklisted in March 2011 because it was then controlled by the family of toppled ruler Muammar Gaddafi. Its assets were valued at $67 billion in 2012, but LIA plans to update that in October after a review by its financial adviser Deloitte. Sanctions have had a heavy toll on the LIA,…
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