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Libyan Investment welcomes British court's ruling to imprison former managers of FM "Capital".

Pulbished on:

 Tripoli, 21 February 2023 (Lana)  The Libyan Investment Authority (LIA) welcomed the British court's ruling on Monday to imprison former directors of FM Capital in Britain on charges of fraud and seizure of $ 14 million of the company's assets. 

The authority said in a statement on Tuesday that the verdict was issued on Monday and sentenced to 7 years and 6 months in prison former director of the company, 3 years and 6 months for the first partner, and 15 months with suspension of enforcement for the second partner. 

The background to this case dates back to 2014 after the authority filed a lawsuit against the defendants and the Libyan company "FM Capital" and the Libyan Africa portfolio filed a lawsuit against the former director of the company and several other parties before the English Commercial Court for financial losses and damages resulting from the breach of legal duties.

=Lana=