The Attorney General’s Office announced last Monday (20 May) that criminal proceedings have begun against a person accused of the embezzlement of investment funds in the Central African Republic.
The incident involves the violation of public funds by a person accused of posing as the CEO of the Libyan African Investment Company (LAICO) in the Central African Republic - without having the legal mandate to hold this position.
By concluding a lease contract for a real estate asset, the accused caused LAICO to lose the equivalent of about LD 7.18 million. The accused was detained in pretrial detention, awaiting his criminal case.