Criminal courts condemned a man to 10 years in prison for Laico embezzlement

The Tripolin Criminal Court has sentenced a person who incorrectly took over the role of the CEO of the Libyan African investment company (Laico) in Central Africa after evidence of his participation in the embezzlement of millions of dinars from the income of real estate investments in the Central African Republic.

According to a statement by the Attorney General, the accused falsified his administrative authority and illegally managed the renting of the real estate of the company, which appreciates financial losses to 7,186,927 Dinar by suspicious offers that violate public funds. This included an unfair rental agreement that significantly impaired income of an important investment property.

The declaration confirmed that the court imposed a strict punishment in a decisive session that sentenced him to 10 years in prison, a fine of 200,000 Dinar, and he demanded that he had to return 8 million dinar as compensation for the subjects.

Laico had previously published a clarification regarding the announcement of the seizure and auctioning of Libyan state assets in Central Africa. It was explained that it has a five-star hotel, two residential buildings and a plot of land in the Central African Republic, which Libya acquired in exchange for loans that were granted to the African nation in 2007 between the two countries.

The declaration accused an employee exposed by Laico Central Africa who, after the end of his second amount, to illegally take over the management of the company, to take on illegal practices and to make decisions that violate laws and regulations for the operation of regulations. He allegedly exploited the political and administrative department that influenced Libyan state institutions between 2016 and 2018.