The Attorney General’s Office reported last Saturday (22 November) that the Public Prosecutor’s Office has ordered the detention of a former chairman of state Libyana Mobile Company for the misappropriation of Euro 17 million.
The Deputy Prosecutor, at the Attorney General’s Office, investigated the transfer of seventeen million euros from the company’s account in an Italian bank to the account of a subsidiary of the parent company, and then the transfer of the same amount to the account of a company registered in Switzerland.
This was followed by the purchase of shares in an arms manufacturing company in Germany. The investigator found that those responsible for the disbursement failed to properly oversee the process by concealing from the executive departments and the oversight body the text of the agreement to lend the parent company the sum, without providing any guarantees to mitigate the risks.
Furthermore, they interfered in authorizing the transfer of the funds to the Swiss company’s account, despite knowing that the investment of the money for purposes other than those specified in the lending company’s articles of association would have negative repercussions for the public interest.
Consequently, the investigator ordered the pretrial detention of the accused pending further investigation and directed the prosecution of the remaining individuals involved in the incident.
