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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal

Libyan fund helping SEC in Goldman probe

Posted on 01 March 2013

Libya’s sovereign-wealth fund said it is cooperating with the U.S. Securities and Exchange Commission in its ongoing investigation into Goldman Sachs Group Inc. over the securities firm’s dealings with the fund when Col. Moammar Gadhafi was in power.
The Libyan Investment Authority said in a statement that it also hired a law firm to discuss possible actions to recover losses it suffered from investments made in structured-finance products. Before the financial crisis, Goldman and other financial firms sold complex investments to Libya as officials there looked for ways to put some of the fund’s $50 billion in assets to work. Many of the investments plunged in value during the crisis………………………………………..Full Article: Source


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