Libya’s Ministry of Foreign Affairs and International Cooperation announced yesterday the recovery 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 money illegally and sentenced them to prison terms ranging from two to four years. They must also return the US$ 16 million and pay the legal fees.
The money had been illegally invested with the Deutsche Bank in Frankfurt in 2011, taking advantage of Libya’s instability in 2011.
The LAIP/LAP is a wholly owned subsidiary of the Libyan Investment Authority (LIA).