By John Lee.
Bloomberg reports that a London banker is in a legal fight with the firm he founded, accused of taking more than $16 million in "secret commissions" relating to the management of the Libyan Africa Investment Portfolio (LAIP).
FM Capital Partners (FMCP) alleges that Frederic Marino and former Julius Baer banker Yoshiki Ohmura conspired to improperly funnel money to themselves from the fund, gaining commissions and failing to disclose their actions to the company that Marino founded, effectively depriving the fund of the money.
Marino denies the allegations.
The Phase I trial is expected to end March 28. The case is FM Capital Partners Ltd. v Frederic Marino in the U.K. High Court of Justice, Business and Property Courts, case no CL-2014-000863.