Two former London bankers hired by Libya to manage hundreds of millions of dollars in investments are accused of defrauding the sovereign wealth fund by diverting cash for themselves.
rederic Marino and Yoshiki Ohmura conspired to commit fraud and conduct fraudulent deals between 2009 and 2014, prosecutors claimed at the start of a trial in London.
The couple deny all allegations.
Mr. Marino, a former JPMorgan Chase banker, helped found the asset management company FM Capital Partners Ltd. to manage funds invested from the Libya-Africa investment portfolio.
Mr Ohmura, a former Julius Baer banker, acted as a mediator for FMCP, prosecutors said at the start of the trial.
In early 2009, Mr. Marino was Head of JPMorgan’s Alternative Investment Emerging Markets Group.
Mr Marino arranged fees from the funds to be paid through offshore companies, while Mr Ohmura supported him through a company that channeled the “secret profits” following a cut, prosecutors claimed.
The payments, worth over US$14 million (€14.23 million), affected 17 investments made by the Libyan fund to four investment banks between 2009 and 2011.
Some of the money siphoned was used to pay off people who knew about his plan and were demanding their “piece of the pie.”
All of this happened without the knowledge of the Fund.
https://www.independent.ie/business/world/london-bankers-accused-of-funnelling-money-from-libyan-sovereign-fund-42046781.html London bankers accused of funneling money from Libyan sovereign wealth funds