The Attorney General’s Office announced on Tuesday that it has detained, pending the trial, the former General Manager and Directors of the general shareholding management of the Libyan Foreign Investment Company in Egypt. They are accused of negligence over US$ 90 million.
After examined the outcome of the administrative and financial audit reports related to the duty to achieve the objectives of the Foreign Investment Company using the tools for managing its activity in Egypt, the prosecutor inferred that successive officials in the executive departments had neglected the rules and controls that safeguard public funds.
They did this by breaching their investment risk management duties, their separation from the responsibility of controlling the management of contractual relationships worth hundreds of millions of U.S. dollars to ensure the public interest.
The prosecutor then proceeded to pursue seven other defendants who took successive management of the company and failed to preserve and maintain the remaining value.
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