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Sovereign Wealth Funds Briefing 20.Aug 2014

Posted on 20 August 2014 by VRS |  Email |Print

Goldman Sachs has withdrawn an application to have a $1bn lawsuit filed by the Libyan Investment Authority, a former client, thrown out of an English court ahead of trial. The US investment bank has withdrawn its request for a summary judgment in the dispute lodged at the High Court, it confirmed on Tuesday.
A summary judgment is when a matter is determined before trial, and Goldman’s withdrawal of its application removes one hurdle that the LIA would have had to overcome before getting a full hearing of the evidence in court………………………………………..Full Article: Source

Posted on 20 August 2014 by VRS |  Email |Print

Goldman Sachs and Libya’s sovereign wealth fund are set to meet in a London court over claims the Wall Street bank exploited a position of trust by encouraging the fund to invest more than $1 billion in trades that ended up worthless.
Goldman had filed a summary judgment application - a request to decide a claim without going to trial - in the case brought by the Libyan Investment Authority (LIA) in January, but has recently withdrawn it, the LIA said in a statement. “Following the serving of the LIA’s reply evidence, Goldman Sachs has withdrawn its summary judgment application,” the LIA said………………………………………..Full Article: Source

Posted on 20 August 2014 by VRS |  Email |Print

Malaysia’s state-owned investment fund, which is offering to take the national airline private, sold 1.5 billion ringgit ($476 million) of Islamic bonds today, said two people with knowledge of the deal.
Khazanah Nasional Bhd. priced the five-year debt to yield 4.14 percent, within its earlier guidance of 4.1 percent to 4.18 percent, said the people who asked not to be named because the information hasn’t been made public yet. The issuance is part of a 7 billion ringgit program to raise funds for corporate purposes, they said………………………………………..Full Article: Source

Posted on 20 August 2014 by VRS |  Email |Print

Investment Corporation of Dubai (ICD), the sovereign wealth fund of the Emirate of Dubai, and the Export-Import Bank of Korea (Kexim) have signed a Memorandum of Understanding (MoU) to form an alliance to explore international investment and export finance opportunities in Asia, the Middle East and Africa.
Kexim is the official trade finance agency of the Republic of Korea with a remit to provide export finance or support international investments in which Korean parties participate………………………………………..Full Article: Source

Posted on 20 August 2014 by VRS |  Email |Print

The fortunes of the three tiers of government suffered a huge decline last month as the Federal Government said the country recorded a N154.56 billion decline in gross federally collected revenue from N784.88 billion received in June to N630.32 billion in July, this year.
The Minister of State for Finance, Ambassador Bashir Yuguda said Federation Accounts Allocation Committee (FAAC) transferred N6.2 billion to the Excess Crude Account thus bringing the balance in the account to $4 billion while the sum of N35 billion was transferred to the domestic excess crude account for payment to oil marketers as subsidy………………………………………..Full Article: Source

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