Press Release
On 11/05/2022, LAIP by Allah’s grace, has after ten years of hard work succeeded in winning the case against the parties involved in illegal and fraudulent conduct of LAIP’s funds at Deutsche Bank in Frankfurt in 2011, by taking advantage of Libya’s instability in 2011 and where the Supreme Court of the Federal Republic of Germany had issued the following rulings:
- Convicting the accused and sentencing them to prison terms ranging from two to four years.
- Obligating the convicts to return the sum of funds that they had illegally seized in 2011, amounting to 16 million US dollars as well as pay all legal expenses.
- Refund of the guarantee deposit placed with the court treasury pending the case.
Reaching to this ruling went through various stages and obstacles that were overcome by the grace of Allah through the concerted and cooperation of all parties involved: LAIP’s employees, its executive management and its successive boards of directors, the Libyan Investment Authority (LIA), the Office of the Attorney General, the Libyan Ministry of Foreign Affairs and the Embassy of Libya in the Federal State of Germany.
Today, as we write this statement, we cannot express enough our gratitude and appreciation to everyone who contributed to the closing of this case which will also enforce LAIP’S position in demanding compensation for missed earnings
