Inside Jan Marsalek’s Libyan network

A joint investigative report by the Financial Times and Germany’s Bavarian Broadcasting Corporation has shed new light on how Jan Marsalek, the former chief operating officer of Wirecard and one of Europe’s most wanted fugitives, transformed Libya into a covert base for money laundering and the expansion of Russian geopolitical influence.

Marsalek, who disappeared in 2020 following the collapse of the German payments company Wirecard amid a €1.9bn fraud scandal, is now believed to be living under Russian protection and is wanted on charges including large-scale financial crime and espionage on behalf of Moscow.

According to the investigation, Marsalek channelled millions of dollars siphoned from Wirecard into key sectors of the Libyan economy. Chief among these were stakes in the Libyan Cement Company, which operates three strategically significant plants in eastern Libya, and LORASCO, an oil services firm that runs drilling platforms. The investments were allegedly structured through a web of shell companies registered in offshore tax havens and facilitated by international intermediaries, concealing Marsalek’s role as the ultimate beneficial owner.

Leaked documents and internal emails reviewed by the investigators indicate that Marsalek’s activities extended well beyond financial manoeuvring. The report documents attempts to influence Libya’s political and security landscape, including meetings held in Benghazi involving senior figures such as Wanis Bukhamada, and efforts to cultivate ties with circles close to Field Marshal Khalifa Haftar.

The investigation further alleges that Marsalek was involved in the deployment of Russian mercenaries to Libya under the pretext of “demining operations” at industrial facilities, raising concerns about the militarisation of commercial assets and the blending of business interests with security operations.

Central to the scheme, the report says, was Libya Holding Group, a London-based entity chaired by Ahmed Ben Halim, which served as a key interface for the investments. While the group has denied any knowledge of Marsalek’s direct involvement, financial flows and correspondence examined by journalists suggest he played a decisive role in financing acquisition deals and in channelling funds to armed groups tasked with protecting the assets.

In a notable development, the investigation reveals that the cement plants were quietly sold last year to a Dubai-based company owned by a Libyan businessman reportedly close to the Haftar family, in what is described as a complex and highly opaque transaction.

Meanwhile, a series of legal battles is unfolding in London, where former associates of Marsalek are locked in what investigators describe as a “shadow war” over control of the remaining assets, estimated to be worth tens of millions of dollars. The disputes are marked by allegations of fraud, asset stripping and concerted efforts to erase the trail of illicit funds that, as one source put it, have been “swallowed by the sands of the Libyan desert”.