Lawyers revealed today, Friday, that the Libyan Investment Authority, the Libyan sovereign wealth fund, has filed a criminal lawsuit against Belgian Prince Laurent, accusing him of fraud and extortion related to his attempted recovery of funds from a failed reforestation project. The royal family and the palace have not immediately responded to requests for comment.
The prince, who is the brother of the king, signed a multi-million euro contract in 2008 aimed at reforesting desert areas in Libya. The project collapsed with the outbreak of a popular uprising in Libya in 2011. The Libyan Investment Authority claims that the prince exerted "unacceptable pressure" in an attempt to obtain nearly 70 million euros ($78.52 million) that he alleges the Libyan Ministry of Agriculture owes him.
The law firm Yous Kochens, representing the Libyan Investment Authority, stated that it filed a criminal complaint against Prince Laurent for extortion, fraud, and misuse of influence yesterday, Thursday. Christophe Marchand, founding partner of the firm, said, "We informed the investigating judge of the facts that, according to our complaint, show that Prince Laurent abused his position as a public official, claiming that he could influence criminal proceedings against the Libyan Investment Authority and its CEO."
Laurent Arnauts, the prince's lawyer, stated, "This is a pathetic situation." He added, "Prominent figures in Libya are trying to save face because they have just lost for the thirteenth time in Belgian courts and Luxembourg."
Libya has been under international sanctions since 2011, and the country's sovereign wealth of 14 billion euros is currently frozen in Euroclear Bank based in Brussels.
