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Sovereign Wealth Funds Briefing - Categorized | Investment, Market

Banks sold investments for billions to Libya fund

Posted on 27 May 2011

The Libyan Investment Authority, the North African country’s sovereign wealth fund, lost billions of dollars on financial products sold to it by western banks, the Financial Times reported, citing a Libyan government document posted on the website of U.K. advocacy group Global Witness.
The banks that did business with the Libyan regime of President Muammar Qaddafi included Societe Generale (GLE) SA, JPMorgan Chase & Co., Credit Suisse Group AG and BNP Paribas (BNP) SA, the newspaper said……………………………………….Full Article: Source


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