Out-Law on 20th July published an article saying that FM Capital Partners (FMCP), which manages assets on behalf of the Libya Africa Investment Portfolio (LAP) sovereign wealth fund, has won a substantial case against its former chief executive, Frederic Marino and his associate, banker, Yoshiki Ohmura, for bribery and breaches of fiduciary duty. FMCP alleged that Marino and Ohmura funnelled substantial amounts of money away from the business between 2009 and 2014, by way of a series of large investments of LAP assets in certain financial products offered by Ohmura’s employer; trades with third parties allegedly controlled by Marino and Ohmura; and secret commissions. The article says that the lengthy judgment is a useful one, as it sets out in detail the legal tests for various common civil fraud claims. FMCP, of which Marino was co-founder, runs a series of funds worth around $550 million on behalf of the LAP. It is majority-owned by LAP, and at all relevant times LAP was its only client.