On 20 February, the Evening Standard reported that 2 fund managers have been jailed for a total of 11 years after committing a large-scale fraud amounting to more than $10 million which resulted in the loss of money meant for the people of Libya.  A third man pleaded guilty to the same charge before the trial and was spared jail.  He was given a 15-month prison sentence suspended for 2 years.  The defendants had abused their various positions by committing fraud whilst managing the Libya Africa Investment Portfolio (LAP), a sovereign wealth fund established by the Libyan government for its people amounting to around $800 million.

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

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