Confirming the exclusivity of “Bawabat Al-Wasat”… The Public Prosecutor reveals the circumstances of the “Bladin” wallet case

Rashid Khashana – The Attorney General, Counselor Al-Siddiq Al-Sour, revealed the details of the investigations into the embezzlement and corruption process that marred the contract concluded between the Libyan Investment Corporation and the international investment management company “Palladien”, amounting to $700 million. These details match information published by “Bawabat Al-Wasat” in July. the past.

Al-Sour said, during a press conference in the capital, Tripoli, today, Wednesday, that in the year 2007, the Libyan Investment Authority and the “Libya Africa Portfolio, the Economic Development Fund,” concluded an investment management contract with the “Bladin” international asset management company registered in the Kingdom of the Netherlands, under which the company pledged to manage convertible shares. Transferable and alternative investment bonds worth US$700 million by three companies established in the Canary Islands, for the purpose of owning assets.

On the sixth of last July, “Bawabat Al-Wasat” obtained information regarding incidents of corruption in the “Bladin” portfolio, related to investment management, profit margins, and management fees, in addition to the existence of fraud to obtain the contract by establishing another company under a name similar to (Bladin) company. It is Bladen International Money Management Company.

Beginning of investigation and examination of documents
The Public Prosecutor indicated that investigations into the case began in 2017 and are still ongoing, as visits are being made to the Netherlands, in the framework of cooperation with the Dutch Public Prosecutor and the Organized Crime Agency in Britain, to examine documents related to the contract, according to what Al-Siddiq Al-Sur said.

Al-Sour added that members of the investigation visited the Netherlands, and “sometimes they stayed at a naval base in the Netherlands for a full week to review documents and the memoirs of a former minister in cooperation with the financial investigations in the Netherlands.”

Freezing the accounts of officials in “Baladin”
The Public Prosecutor explained that the Dutch judiciary froze the accounts of officials in “Bladin”, at the request of the Public Prosecutor, because they claimed that it was an American company and “a company owned by Libyans, and was contracted with it in a useless contract, in exchange for percentages and commissions from some people and officials during 2006, and it continued.” “It may have been absurd in recent years.”

The role of the American (LY) auditing company
He continued: “We commissioned the American company (LY), which specializes in the field of criminal and financial investigations, and it conducted the audit and finally provided us with the results, after two years of painstaking work, where prosecutors met with it in several countries, and it concluded that there was corruption and theft.”

Red Notices against 4 defendants
He pointed out that the prosecution assigned an American company to track the currency around the world, which led to reaching one of the officials who concluded the contract. Accordingly, the Public Prosecutor issued internal and international arrest warrants, and red notices were issued against the accused. They are an accused residing in France and another in the Netherlands. A third in Norway, and a fourth in the Emirates, without mentioning their names.

He said that the amount of $700 million is in “Deutsche Bank” in Germany and “City Street Bank” in Britain, and it is being monitored and follow-up measures will be taken.

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