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Sovereign Wealth Funds Briefing - Categorized | Financials, Performance

Libya wealth fund seeking SocGen explanation on $1 bln loss

Posted on 13 March 2013

Libya, whose sovereign wealth fund declined by at least $4 billion in value over the past four years, said it’s demanding an explanation from Societe Generale SA (GLE) on how it lost about $1 billion on derivative contracts.
“We have been in contact a number of times but have not received a satisfactory answer,” Mohsen Derregia, the outgoing chairman and chief executive officer of the fund, said in an interview from Tripoli. “We are pursuing this matter further.”……………………………………….Full Article: Source


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