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Libya Africa Portfolio wins supreme court final judgement in Germany to recover US$ 16 million

bySami Zaptia
May 24, 2022
Reading Time: 1 min read
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The Libyan African Investment Portfolio (LAP) participates in Brussels forum on Africa.

(LOGO: LAP).

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Libya’s Ministry of Foreign Affairs and International Cooperation announced yesterday the recovery of a sum of US$ 16 million dollars of the funds belonging to the Libya Africa Investment Portfolio.

The Supreme Court of the Federal Republic of Germany had issued a final judgment in which it convicted the accused of stealing money illegally and sentenced them to prison terms ranging from two to four years. They must also return the US$ 16 million and pay the legal fees.

The money had been illegally invested with the Deutsche Bank in Frankfurt in 2011, taking advantage of Libya’s instability in 2011.

The LAIP/LAP is a wholly owned subsidiary of the Libyan Investment Authority (LIA).

 

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Tags: DeutschebankGerman GermanyLAP LAIP Libya Africa Investment PortfolioLIA Libyan Investment Authority
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