Libya’s Ministry of Foreign Affairs and International Cooperation introduced yesterday the restoration 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 cash illegally and sentenced them to jail phrases starting from two to 4 years. They should additionally return the US$ 16 million and pay the authorized charges.
The cash had been illegally invested with the Deutsche Bank in Frankfurt in 2011, making the most of Libya’s instability in 2011.
The LAIP/LAP is an entirely owned subsidiary of the Libyan Investment Authority (LIA).
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Libya Africa Portfolio wins supreme court final judgement in Germany to recover US$ 16 million & More Latest News Update
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Libya Africa Portfolio wins supreme court final judgement in Germany to recover US$ 16 million & More News Today
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