of a reforestation contract in Libya

The move is the latest step in a long-standing dispute between the LIA and the prince over compensation from a failed reforestation project in Libya in 2008.

The LIA alleges that the prince exerted "unacceptable pressure" in his attempt to obtain nearly €70 million of compensation from the Libyan Ministry for Agriculture.

The dispute has prompted federal prosecutors to seize billions of euros worth of Libyan assets and sparked a parliamentary inquiry into the interest payouts.

Lawyers for the LIA claim that they have evidence showing that the prince tried to obtain the money by claiming he could influence an ongoing investigation that has led to the seizure of €15 billion from the LIA's bank accounts in Belgium and the issuance of an arrest warrant against the CEO of the LIA, Ali Mohammed Hassan.

The LIA, which was established in 2006 and claims to be independent of the Libyan state, has filed a civil suit against the prince, which under Belgian law mandates an investigating magistrate to open a judicial investigation.

If found guilty, the prince could face up to ten years in prison for extortion and five to fourteen years for fraud.

The LIA's lawyer, Christophe Marchand, stated that they had no choice but to launch a criminal case against the prince, citing evidence that the prince abused his status as a public office-holder to claim he could influence the criminal procedure against the LIA and its CEO.

Prince Laurent's lawyer, Laurent Arnauts, dismissed the allegations, stating that it was normal for a creditor to try to enforce a court decision in their favor and that the prince was being unfairly targeted.

The investigation is the latest in a series of legal battles between the LIA and the prince, which have been ongoing since 2011.

The dispute centers around a 2011 court decision ordering Libya to pay the prince €38,479,041 in damages for wrongful breach