07.03.2016 - Battle between rival chairmen of Libya's $67 billion fund reaches UK court
A long-running dispute over the leadership of Libya's $67 billion sovereign wealth fund reaches London's High Court on Monday, potentially paving the way for litigation against two global investment banks to move forward. The Libyan Investment Authority (LIA) wants to pursue Goldman Sachs and Societe Generale in the English courts for more than $3 billion it claims was mismanaged. Both banks have rejected the allegations. The fund, however, is mired in a power struggle between two rival chairmen, Hassan Bouhadi and AbdulMagid Breish. The dispute mirrors the fragmented nature of the country following the fall of Muammar Gaddafi in 2011. Bouhadi was appointed as head of the LIA in October 2014 by the LIA's board of trustees, populated by leaders of the House of Representatives...............................................Full Article: Source
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