Libyan wealth fund sues Belgian prince for fraud over reforestation project

Libya's sovereign wealth fund has filed a criminal complaint against Belgium's Prince Laurent, accusing him of fraud and extortion linked to his bid to reclaim funds from a failed reforestation project. (Internet/www.monarchie.be)
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Updated 14 July 2023
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Libyan wealth fund sues Belgian prince for fraud over reforestation project

  • The prince, brother of the king, and Libyan authorities signed a multimillion euro contract in 2008
  • The project collapsed with the outbreak of civil war in Libya in 2011

BRUSSELS: Libya’s sovereign wealth fund has filed a criminal complaint against Belgium’s Prince Laurent, accusing him of fraud and extortion linked to his bid to reclaim funds from a failed reforestation project, lawyers said on Friday.
The royal household and the king’s cabinet did not immediately respond to requests for comment.
The prince, brother of the king, and Libyan authorities signed a multimillion euro contract in 2008 aimed at reforesting desert regions of inland Libya. The project collapsed with the outbreak of civil war in Libya in 2011.
The Libyan Investment Authority (LIA) alleges that the prince exerted “unacceptable pressure” in an attempt to obtain payment of nearly 70 million euros ($78.52 million) he says he is owed by the Libyan Ministry for Agriculture.
Law firm Jus Cogens, which represents the LIA, said it filed a criminal complaint against Prince Laurent for extortion, fraud and illegal influence on Thursday.
“We have communicated factual elements to the investigative judge showing, according to us, that Prince Laurent abused his status as a public office holder, claiming he could influence the criminal procedure against LIA and his CEO,” Christophe Marchand, founding partner at Jus Cogens, said.
Libya has been under international sanctions since 2011 and the country’s 14 billion euros sovereign wealth is currently frozen in Brussels-based bank Euroclear.


Trump warns Iran of ‘very traumatic’ outcome if no nuclear deal

Updated 5 sec ago
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Trump warns Iran of ‘very traumatic’ outcome if no nuclear deal

WASHINGTON: US President Donald Trump threatened Iran Thursday with “very traumatic” consequences if it fails to make a nuclear deal — but Israeli Prime Minister Benjamin Netanyahu said he was skeptical about the quality of any such agreement.
Speaking a day after he hosted Netanyahu at the White House, Trump said he hoped for a result “over the next month” from Washington’s negotiations with Tehran over its nuclear program.
“We have to make a deal, otherwise it’s going to be very traumatic, very traumatic. I don’t want that to happen, but we have to make a deal,” Trump told reporters.
“This will be very traumatic for Iran if they don’t make a deal.”
Trump — who is considering sending a second aircraft carrier to the Middle East to pressure Iran — recalled the US military strikes he ordered on Tehran’s nuclear facilities during Israel’s 12-day war with Iran in July last year.
“We’ll see if we can get a deal with them, and if we can’t, we’ll have to go to phase two. Phase two will be very tough for them,” Trump said.
Netanyahu had traveled to Washington to push Trump to take a harder line in the Iran nuclear talks, particularly on including the Islamic Republic’s arsenal of ballistic missiles.
But the Israeli and US leaders apparently remained at odds, with Trump saying after their meeting at the White House on Wednesday that he had insisted the negotiations should continue.

- ‘General skepticism’ -

Netanyahu said in Washington on Thursday before departing for Israel that Trump believed he was laying the ground for a deal.
“He believes that the conditions he is creating, combined with the fact that they surely understand they made a mistake last time when they didn’t reach an agreement, may create the conditions for achieving a good deal,” Netanyahu said, according to a video statement from his office.
But the Israeli premier added: “I will not hide from you that I expressed general skepticism regarding the quality of any agreement with Iran.”
Any deal “must include the elements that are very important from our perspective,” Netanyahu continued, listing Iran’s ballistic missile program and its support for armed groups such as the Palestinian movement Hamas, Yemen’s Houthi rebels and Hezbollah in Lebanon.
“It’s not just the nuclear issue,” he said.
Despite their differences on Iran, Trump signaled his strong personal support for Netanyahu as he criticized Israeli President Isaac Herzog for rejecting his request to pardon the prime minister on corruption charges.
“You have a president that refuses to give him a pardon. I think that man should be ashamed of himself,” Trump said on Thursday.
Trump has repeatedly hinted at potential US military action against Iran following its deadly crackdown on protests last month, even as Washington and Tehran restarted talks last week with a meeting in Oman.
The last round of talks between the two foes was cut short by Israel’s war with Iran and the US strikes.
So far, Iran has rejected expanding the new talks beyond the issue of its nuclear program. Tehran denies seeking a nuclear weapon, and has said it will not give in to “excessive demands” on the subject.