Libyan Businessman Who Ran for President Squandered Sovereign Wealth Fund’s Money, Government Audit Claims

This report outlines OCCRP’s investigation into allegations that Ahmed Baayo, former manager of Alhammra (a subsidiary tied to Libya’s sovereign wealth fund), misused company funds for personal expenses, including a down payment on a Madrid apartment, and allegedly concealed documents during audits. While LAFICO and the Libyan Audit Bureau raised concerns and a complaint was filed in Spain, the case was withdrawn and Baayo denies wrongdoing, against a backdrop of broader post-2011 corruption and mismanagement within the fund’s extensive network of subsidiaries.