The Attorney General’s Office reported yesterday that Tripoli Criminal Court convicted a defendant impersonating the CEO of the Libyan African Investment Company (LAICO) in the Central African Republic (CAR). The accused had embezzled seven million dinars.
The court imposed a ten-year prison sentence, a fine of LD 200,000, and obliged him to return LD eight million.
Besides impersonating the CEO of LAICO in CAR, the accused had been found guilty of embezzling funds generated from the investment of real estate owned by the LAICO in CAR.
He had proceeded to conduct actions that clashed with the preservation of public money, such as concluding a lease contract for a real estate asset that lost LAICO CAR the equivalent of LD 7,186,927.
