Libyan Attorney-General Al-Siddiq Al-Sour has ordered the arrest of three former senior managers at Libyan Arab Foreign Investment Company (LAFICO) on charges of negligence in the management of a $90 million fund. The state prosecutor said that it is also investigating seven other LAFICO in connection to the same case. The Libyan Investment Authority (LIA), the country’s sovereign wealth fund, counts the assets of LAFICO in its portfolio. According to LIA’s portfolio valuation overview for 2019, LAFICO manages business and real-estate assets valued at $4,466 million. LAFICO is run by Moussa Alhassan Atiq, who has been serving as the company’s general manager since 13th June 2021.

Source: Libya Today October 31, 2023 17:29 UTC