By John Lee.
London-based asset manager FM Capital Partners (FMCP), has reportedly won a court case against its former CEO over allegations of fraud and corruption relating to a Libyan sovereign wealth fund.
Earlier this year, London’s Commercial Court heard evidence alleging that Frederic Marino and former Julius Baer banker Yoshiki Ohmura conspired to improperly funnel money to themselves from the Libya Africa Investment Portfolio (LAP), gaining commissions and failing to disclose their actions to the company that Marino founded, effectively depriving the fund of the money.
LAP is a subsidiary of the Libyan Investment Authority (LIA). FMCP was set up in 2009to mana ge the assets of the LAP.
An FMCP spokesperson is quote as saying that, as a result of the ruling, FMCP may be able to recover between $20- and $25 million.
(Sources: Reuters, Financial Times)
