In a development that could impact Libya’s economic interests, Belgium’s judicial authorities confirmed an international arrest warrant against the Chairman and CEO of the Libyan Investment Authority (LIA), Ali Mahmoud Hassan. This move is seen by Prince Laurent’s defence as a step towards the depoliticization of the matter.
The Indictments Division in Brussels affirmed the arrest warrant issued by Investigative Judge, Michel Claise against Hassan. The Judge’s decision to freeze €15 billion euros from the Corporation’s accounts at Euroclear Bank, has also been upheld.
The Belgian prosecutor general had previously suspended Claise for allegations of corruption, and misuse of his influence in favour of Hassan. This was after he released €2 billion euros, under suspicion of money laundering.
Luai Al-Qaryo, a Spokesman for the LIA stated that this decision was “not surprising as it aligns with the country’s domestic bias towards Prince Laurent.” He also mentioned that the Prince had previously declared that he would surprise the Corporation, with a ruling in his favor.
The ongoing conflict in Belgium is influenced by the Prince’s sway over the judiciary. Al-Qaryo emphasized their reliance on the competent international judiciary, not on Belgium, which they believe is attempting to seize their funds unjustly.
In May, Hassan received a decision from the Interpol General Secretariat in Lyon, to definitively cancel the Belgian authorities’ circular against him.
Al-Qaryo also confirmed that the international arrest warrant issued has been cancelled. He added that the Belgian authorities had previously requested Interpol to issue an international circular against Hassan, which the LIA contested for its politically motivated basis.
Interpol had temporarily suspended this request in June 2022, until its final decision was made today, according to Al-Qaryo. This decision confirms that the request of the Belgian authorities “does not comply with Interpol’s rules, considering the political aspect of this case, and retaining data related to the President of the Libyan Investment Corporation in the international organization’s data would jeopardize its neutrality, under Article 3 of the Interpol Constitution.”
In November, the British newspaper, The Times reported that Prince Laurent was facing accusations of extorting the LIA over debts, and is accused of trying to extort a Libyan financial official over a different debt of €67 million euros.
Hassan accused Prince Laurent of trying to “use his power and influence over authorities in his country, to convince them to issue an arrest warrant, which resulted in harm to him and his family.”
In October, he reported receiving threatening and extortionate messages from Prince Laurent. This was aimed at pressuring him to settle alleged debts owed by the Libyan Ministry of Agriculture, a claim the Belgian Royal Palace refused to comment on.
In March 2022, the LIA filed a complaint to the UN Security Council regarding the actions of the Belgian government. It warned of the Belgian authorities’ moves to use the Corporation’s funds to pay financial obligations and debts imposed on Libya, in favour of a company headed by Prince Laurent.
The European Union had previously issued an order to arrest Hassan, along with other figures including Mohamed Shukri Ghanem, on charges related to corruption.
In January 2022, Attorney General Al-Siddiq Al-Sour discussed the developments of the investigations regarding the management of the LIA funds deposited in the Euroclear bank, during his visit to Brussels. This was the same month when Claise issued an international arrest warrant against Hassan, partly conducted by the Belgian Clearing House.
In February 2021, the Sanctions Committee of the UN Security Council rejected a request by the Belgian authorities to lift the freeze on part of the LIA’s assets, a decision welcomed by the Authority.
On 2 February, Belgium addressed the Sanctions Committee of the UN Security Council to lay hands on 49 million euros of frozen funds. In January, it announced that it would notify the UN Sanctions Committee to lift the freeze on part of the frozen Libyan banking balances in Belgium since 2011, to deduct dues amounting to 47 million euros owed by the Libyan state.
Hassan was arrested in February 2019 on charges of corruption and embezzlement of the LIA.
Prince Laurent worked with Libya as part of his collaboration with the Global Sustainable Development Trust Fund, which he managed. This was tasked by the Libyan administration at the time to reforest desert land in northern Libya.
After losing the contract, Prince Laurent filed a case before a Belgian court that issued its final verdict in 2014. This identified the damages owed by the Libyan state, and set the compensation amount at €47 million euros.
