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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal

Libya sues Goldman Sachs

Posted on 28 November 2014

The Libyan Investment Authority claims that Goldman Sachs made $350m – and cost the country over $1 billion – by tricking “naïve” staff into paying vastly over the odds for products that proved worthless. The sovereign wealth fund, which was created to maximise oil profits and is worth $66 billion, bought complex derivatives from Goldman Sachs, which then collapsed in value in 2008, losing the Libyan Investment Authority $1 billion in the process.
Nine financial products were purchased in total, all of which were “bets” on the future share price of companies such as Citigroup and EDF. The fund says that its staff thought that they were buying actual shares in the companies and were duped by Goldman Sachs………………………………….Full Article: Source


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VRS - who has written 19873 posts on Opalesque Sovereign Wealth Funds Briefing.


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