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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal, Fund Management/Administration

Libyan sovereign wealth fund breached

Posted on 29 August 2011

Trusted Libyan officials have been given the task of tracking down Libya’s foreign investments. The BBC has reported that some $2.9 billion has gone missing from the accounts of the Libyan sovereign wealth fund.
Officials from the Libyan Investment Authority have discovered misappropriation and misuse of part of the total funds, which are worth about $70 billion. The fund was set up in 2006 by Saif al-Islam, one of Muammar Gaddafi’s sons, to invest in foreign companies……………………………………….Full Article: Source

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