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Sovereign Wealth Funds Briefing - Categorized | Financials, Market

Libya bet $1bln on SocGen shares

Posted on 03 June 2011

Société Générale structured a $1 billion (€690 million) bet on its own shares for Libya’s sovereign wealth fund after the Jérôme Kerviel fraud. Documents seen by the Financial Times show the transaction – the Libyan Investment Authority’s biggest investment in five years – had lost 71 per cent of its value by mid-2010.
The authority entered into the transaction in early March 2008, barely a month after Mr Kerviel’s €50 billion of rogue trades left the bank with losses of €5 billion………………………………………..Full Article: Source

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