2023-07-14 22:20:32
The largest sovereign fund in Africa, the sovereign fund of Libya, sues the brother of the king of Belgium. This Libyan fund has been frozen since the Libyan revolution of 2011 and the military intervention carried out in the country under the aegis of the UN. He initially managed Libyan public money, in particular oil money, by investing it in the financial markets for example. He is now accusing Prince Laurent of Belgium of fraud and extortion.
Published on: 07/14/2023 – 22:20
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The case dates back to 2008, when Muammar Gaddafi still ruled Libya and was received in Western chancelleries. At the time, the Libyan government signed an agreement with an association created by Prince Laurent of Belgium, for a reforestation project, all for 17 million euros.
Two years later, the Libyan authorities canceled the agreement. Then the Arab Spring broke out, the Western military intervention in Libya… The Belgian prince tries to recover the money from the contract and multiplies the legal proceedings, including against the Libyan sovereign fund, which holds 14 billion euros in Belgium . Funds frozen for several years due to the civil war in Libya.
Prince Laurent is claiming a total of nearly 70 million euros from the sovereign fund to compensate for his damage.
This Thursday the fund therefore counter-attacked, filing a complaint against the brother of the King of Belgium. He accuses him in particular of having threatened to put pressure on justice to influence decisions concerning the sovereign fund, thus hoping that the fund will pay him money.
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