03.06.2011 - Libya bet $1bln on SocGen shares
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
Print