Friday, October 22, 2021

Libyan sovereign fund recovers $16 million frozen in Germany

Libyan sovereign fund recovers $16 million frozen in Germany

The Libya Africa Investment Portfolio (LAIP) has announced the recovery of 16 million US dollars frozen at Deutsche Bank in Germany, Italian news agency Nova reports.

The recovery of the funds took place after a Berlin court had issued a verdict convicting RE/MAX of a crime of fraud in 2011 and the fraudulent acquisition of US$ 16 million from its Deutsche Bank in Germany.

Court orders were issued imprison and to compel the company’s representative and his lawyer to return the amount to LAP and to seize their money and properties.