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

Libya sues Goldman for making profit from failed deals

Posted on 03 February 2014

Libya’s sovereign wealth fund is suing banking giant Goldman Sachs for “deliberately exploiting” its position to make $350 million profit on $1 billion worth of failed derivative trades, London’s High Court announced on Thursday.
The Libyan Investment Authority (LIA), which was set up in 2006 to handle the country’s oil revenues, accuses the investment bank of gaining the “trust and confidence” of its inexperienced managers, before advising them to enter into “inadequately documented” derivative trades into companies including Citigroup, EdF, Santander and ENI. The nine deals, totalling $1 billion, were entered into in early 2008 but turned sour during the financial crisis, according to details made available by the High Court on Thursday……………………………………….Full Article: Source


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