FINANCIAL FRAUDSTER NEWS EXCLUSIVE: The Ramis Fund to Seize Libyan Assets in Staggering £1.75 Billion Default – Gaddafi-Era Fraud Unravels as Whistleblower Documents Expose Siphoned Funds and Mounting Debt Crisis
ROAD TOWN, BRITISH VIRGIN ISLANDS – 28 June 2025 – Financial Fraudster News Investigations can today reveal the impending seizure of assets belonging to the State of Libya, a direct consequence of a colossal £1.75 billion secured promissory note now in severe default.
At the forefront of this aggressive recovery effort is The Ramis Fund, the multi-billion-pound secretive private investment fund, headquartered in the British Virgin Islands, which asserts its right to collateral pledged as security by Libya in the 2011 sale/purchase of Sun-e Holdings Ltd (BVI).
This dramatic escalation comes as whistleblower documents and confidential court filings, exclusively reviewed by Financial Fraudster News, paint a grim picture of systematic corruption and financial mismanagement that plagued Libya under the late Colonel Gaddafi's regime.
Gaddafi's Web of Deceit: Billions Siphoned, Nation on the Hook
Our investigation reveals that in early 2009, Colonel Gaddafi entrusted his then Minister for Oil, Shukri Mohammed Ghanem, to orchestrate a series of opaque deals. These transactions, executed via special purpose vehicle companies and subsequently through client accounts managed by several offshore banks, were allegedly designed to finance not only the country's ambitious development plans but also the illicit enrichment of close members directly and indirectly linked to the Libyan leadership.
Ghanem, who reportedly fled the grips of the Gaddafi regime, was later found dead in Austria in 2012 under highly suspicious circumstances. His demise followed reports that a staggering £3 billion was borrowed from private equity firms under false pretenses, with a promise of repayment that never materialized. These siphoned funds, it is now alleged, flowed through private client accounts, leaving the Libyan people burdened with the responsibility to repay these debts at "eyewatering interest rates."
The Ramis Fund: A 'Progressive' Player in Distressed Debt Recovery
The Ramis Fund, a subsidiary of The Ramis Fund Trust, has long been regarded as one of the most progressive investment vehicles to emerge from the British Virgin Islands. In 2019, its current chair, Christoph Schier, testified by affidavit in a Bristol County Court case that the fund "was rated as one of the best independent funds in the world." This reputation for shrewd and effective investment now positions it squarely at the forefront of what promises to be a complex, multi-jurisdictional asset recovery battle.
Prior to 2011, The Ramis Fund had ambitious plans to invest in Libyan oil fields, with a view to a future flotation on the New York or London Stock Exchange. The fund's merger with SPV DEZ Holdings Ltd, a wholly-owned subsidiary of DEZ Holdings Trust (BVI), was deemed "a prerequisite for future acquisitions of the stock of British FTSE 500 companies," indicating extensive and legitimate commercial ambitions.
According to documents seen, dividends and other payments made by The Ramis Fund flowed into the DEZ Holdings Trust structure in 2011. As part of a share buyback, DEZ Holdings Trust received a substantial £1.14 billion in early 2012, with £500 million paid out as a dividend to its shareholders. A further dividend of £500 million was distributed in December 2013. These substantial dividend payments, according to Christoph Schier's affidavit, ultimately flowed to trusts linked to seven individuals, with some funds ending up domiciled in Guernsey, underscoring the legitimate financial flow within this intricate corporate network.
The Default and the Path to Recovery: European Enforcement Order Unleashed
The current crisis stems from the State of Libya's default on the terms of a £1.75 billion promissory note, signed by Colonel Gaddafi in 2011. This note was ostensibly for the acquisition of a company (Sun-e Holdings Ltd (BVI)) whose assets and resources were purportedly intended to meet Libyan humanitarian needs during the biting UN sanctions imposed under UNSCR 1970 (2011) and Council Regulation (EU) No 204/2011.
The funds linked to this note were first frozen following the 2011 UN sanctions. However, repeated successful requests for court orders mean the money remains frozen nine years later. Whistleblower documents confirm that The Ramis Fund and its assignees are now moving to seize assets due to this default.
In a separate, but related, legal victory, Financial Fraudster News Investigations has seen court filings at the High Court Queen's Bench, confirming that in September 2012, an indefinite European Enforcement Order (EEO) was granted against the Libyan Investment Authority (LIA) and its subsidiary Libyan Foreign Investments Company (LFIC) for £266 million. With an interest rate of 8.5%, this amount has now ballooned to over £450 million.
Creditors, including The Ramis Fund's assignees and a group of other creditors (among them, KB Trust Company, of which Saleem Iqbal is thought to be a beneficiary), have consistently failed to secure meetings with any Libyan officials possessing the necessary authority to settle these debts. This is attributed to the ongoing instability and civil unrest in Libya, now governed by a tripartite government, each segment seemingly pursuing "wholly different underlying motives" in navigating the country's plight.
Financial Fraudster News has been shown documents revealing the exasperation of these creditors, a group that includes British FTSE 250 companies. They have "seized upon the default rates of interest as an investment opportunity in sovereign debt" but have now "run out of patience." They are actively seeking to recover cash from assets "peppered across the UK and Europe," leveraging the formidable power of the European Enforcement Order.
This exclusive expose highlights the complex and often treacherous landscape of distressed sovereign debt. The State of Libya's alleged historical financial misrepresentations and current governmental fragmentation have created a scenario where private entities are forced to employ aggressive, legally sanctioned measures to recover what is legitimately owed.
The Libyan government has declined to comment on this article.
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Article Link: Millions flow from Gaddafi’s ‘frozen funds’ to unknown beneficiaries
