A Belgian court in Brussels upheld an international arrest warrant against, Ali Mahmoud Hassan, the Chairman of the Libyan Investment Authority (LIA), according to a ruling announced on Saturday.
This information was confirmed by Laurent Arnauts, the attorney representing Prince Laurent, brother of the Belgian King, as reported by the Belgian newspaper “Le Soir.”
Arnauts further stated that the court also endorsed the freezing of €15 billion euros from LIA accounts held in the Brussels-based, Euroclear bank.
Le Soir also mentioned that Belgium’s Chief Prosecutor had previously placed Michel Claise, the Belgian judge leading the European Parliament corruption probe, under arrest. This came on charges of corruption, and misuse of his office to favour Hassan, following the release of €2 billion euros previously frozen on suspicion of money laundering.
Responding to the judgments of the Belgian court, LIA Spokesman, Loay Al-Qaryo remarked that today’s ruling was expected. He claimed the ruling was “an internal decision involving a Belgian judiciary that is biased towards Prince Laurent, who had previously asserted that he anticipated the verdict to turn out in his favour.”
“Our struggle in Belgium is against the Belgian Prince, who appears to wield considerable influence over the judiciary. We place our faith in the competent international judiciary, not Belgium, which seems bent on seizing our assets without a legitimate cause,” Al-Qaryo added.
The LIA was founded in 2006 to manage Libya’s surplus oil revenues. The sovereign wealth fund, which is one of the largest in the world, was tasked with diversifying income resources, and ensuring the economic future of Libya.
The LIA’s assets were spread across numerous international holdings, including real estate, equity funds, bonds, and deposits. However, following the 2011 Libyan civil war and the toppling of the Gaddafi regime, the United Nations Security Council placed broad sanctions on the LIA, leading to the freezing of its assets internationally.
Hassan has been under scrutiny by various international legal bodies. His arrest by Belgian judicial authorities further adds to the troubles of the LIA, which has been struggling to regain control and access to its frozen assets.
