UK: FUND MANAGERS CONVICTED FOR DEFRAUDING LIBYA’S SOVEREIGN FUND

On 8 December, City AM reported that a trio of fund managers have been convicted of carrying a large-scale fraud that saw Libya’s sovereign wealth fund lose £46million.  They managed £822 million worth of investments on behalf of the Libya Africa Investment Portfolio (LAIP), but defrauded the fund through a series of offshore shell companies.

https://www.cityam.com/knightsbridge-fund-managers-convicted-for-defrauding-libyas-sovereign-fund/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section View all posts by raytodd2017