| A previously-undisclosed audit of Libya's sovereign-wealth fund by KPMG LLP depicts a portfolio in chaos, said a published report Friday. Col. Moammar Gadhafi's Libyan Investment Authority had never audited its financial statements until last year, the Wall Street Journal reported. The fund began in 2007 with assets of about $40 billion.
KPMG's report suggests that financial firms took advantage of the fund's inexperience, charging excessive fees or selling it assets it didn't need, such as currency "hedges" for currencies it didn't hold..............................................Full Article: Source
|