Libya Fund Fraud Trio Found Guilty After Seven-Year NCA Probe
Three men have been convicted in a massive fraud scandal that drained £46 million from Libya’s investment fund. Frederic Marino and Yoshika Ohmura were found guilty of conspiracy to commit fraud by abuse of position, while Aurelien Bessot pleaded guilty before the trial began.
Seven-Year Investigation Exposes Financial Scam
The National Crime Agency’s (NCA) lengthy, complex probe—backed by the Crown Prosecution Service—uncovered how the defendants exploited their positions managing a £660 million fund, the Libya Africa Investment Portfolio (LAIP).
In 2009, Marino and Bessot launched FM Capital Partners in London’s Knightsbridge to handle LAIP investments. Swiss banker Yoshika Ohmura helped structure deals, generating secret finder’s fees. These fees were then laundered through shell companies based in the Seychelles and Cayman Islands.
Millions Lost, Lavish Lifestyles Gained
Between 2009 and 2014, the scammers’ actions caused LAIP to lose $46 million. Their personal criminal takings are estimated at around $26 million. The scandal came to light in 2014 after the Libyan revolution, when Libyan board members ordered a full investigation. Auditors seized and analysed 5 million company documents, producing a detailed 350-page report.
Marino fled to Norway during the audit interviews, sparking the NCA’s intricate international investigation spanning Libya, Switzerland, UAE, Monaco, and Guernsey.
NCA and CPS Crack Down on Financial Crooks
Richard Harrison, NCA Branch Commander, said: “This has been an extremely complex investigation with multi-jurisdictional challenges. The NCA is committed to tackling fraud and those who abuse the UK’s financial centre to facilitate their crimes. This seven-year investigation demonstrates that we will work relentlessly to pursue those involved.”
“These funds ultimately belonged to the Libyan people. The defendants deliberately abused their positions to steal vast sums for personal gain. We have identified criminal assets which will be targeted to recover losses. Thanks to all who supported this successful prosecution.”
Andrew West of the CPS added: “These three fraudsters were calculating and selfish, robbing the people of Libya of approximately £46 million to fund their lavish lifestyles. They showed no regard for their duty to make investments work for clients looking to diversify away from oil revenues.”
“We will pursue all ill-gotten gains from these crimes.”
