Libyan Attorney-General Al-Siddiq Al-Sour has ordered the arrest of three former senior managers at Libyan Arab Foreign Investment Company (LAFICO) on charges of negligence in the management of a $90 million fund.
Al-Sour’s office revealed the news in a statement via Facebook. It did not disclose the identity of the suspects, but said that one is a former executive manager, while the other two are former manager at the company’s general shareholding department.
The state prosecutor said that it is also investigating seven other LAFICO in connection to the same case.
The Libyan Investment Authority (LIA), the country’s sovereign wealth fund, counts the assets of LAFICO in its portfolio. According to LIA’s portfolio valuation overview for 2019, LAFICO manages business and real-estate assets valued at $4,466 million.
LAFICO is run by Moussa Alhassan Atiq, who has been serving as the company’s general manager since 13th June 2021.