London Jury to Decide if “Secret” Payments from Libyan Fund Were Fraudulent

London, UK — October 30, 2025 - A high-profile fraud trial has concluded in London, where jurors were asked to determine whether covert payments made from Libya’s sovereign wealth fund were part of a criminal conspiracy.

Prosecutors alleged that the former CEO of a London-based investment firm and two former bankers conspired to siphon millions from the Libyan Africa Investment Portfolio (LAIP), a subsidiary of the Libyan Investment Authority (LIA), a sovereign wealth fund established to manage the country’s oil wealth.

The Defendants

The trio included:

• Frederic Marino, former CEO of FM Capital Partners (FMCP), was found guilty of fraud by abuse of position of trust and sentenced to seven years and six months in prison.
• Yoshiki Ohmura, a former Julius Baer banker, received three years and six months in prison.
• Aurelien Bessot, FMCP’s former Chief Investment Officer, who pleaded guilty and cooperated with prosecutors. He was sentenced to 15 months suspended for two years and had to repay $2.8 million, more than he personally gained.

Both Marino and Ohmura were sentenced in absentia after absconding from the UK. Warrants for their arrest have been issued. [occrp.org], [standard.co.uk], [lse.co.uk]

Background

The fraud began in 2009, when Marino and Bessot established FM Capital Partners in London to manage £822 million (approx. $986 million) on behalf of LAIP. LAIP is part of the LIA, which was created in 2006 to manage Libya’s oil revenue surplus, estimated at $70 billion. [occrp.org]

With Ohmura’s assistance, the pair generated undeclared finder fees for investments made on behalf of the Libyan fund. These fees were paid to shell companies in the Seychelles and Cayman Islands controlled by Marino and Bessot. [occrp.org]

Andrew West, Specialist Prosecutor at the Crown Prosecution Service, said

• “They showed a complete disregard for the important position they held to make investments work for their clients who were looking to diversify away from solely oil revenues,”
• “This was done for purely selfish and greedy purposes to fund their lavish lifestyles.” [cps.gov.uk]

The Alleged Scheme

According to the prosecution, the defendants orchestrated a complex web of transactions to divert funds from LAIP into private accounts. These payments were masked through consulting contracts and offshore entities. The scheme involved falsified documents, shell companies, and misrepresentation of investment returns. [en.minbarlibya.org]

Libyan Investment Authority and Asset Freeze

Following the fall of Muammar Gaddafi in 2011, the LIA became a focal point for international litigation and asset recovery. A significant portion of its assets remains frozen under UN Security Council resolutions, although recent developments have allowed limited reinvestment under strict conditions. [crisisgroup.org], [agenzianova.com]

International Implications

The case highlights the vulnerabilities of sovereign wealth funds in politically unstable regions and the role of Western financial institutions in enabling illicit finance.

Watchdogs like Transparency International and the International Crisis Group have called for stronger governance and oversight of such funds. [acfcs.org], [crisisgroup.org]

What’s Next

While the criminal proceedings have concluded, efforts to recover misappropriated assets continue.

The National Crime Agency (NCA) has identified criminal property and assets that may be pursued to compensate victims. [uknip.co.uk]

Sources and Further Reading

https://globalinvestigationsreview.com/article/london-jury-consider-if-secret-payments-libyan-fund-were-fraudulent

https://www.lexology.com/pro/content/london-jury-to-consider-if-secret-payments-from-libyan-fund-were-fraudulent

https://www.financialfraudsternews.com/public-office-fraud-2/libyan-sovereign-wealth-fund-missing-2-9bn

https://www.occrp.org/en/news/uk-court-sentences-former-bankers-for-defrauding-libyan-wealth-fund

https://www.crisisgroup.org/sites/default/files/2025-04/249-libya-frozen-billions.pdf