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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal, Fund Management/Administration

Libya SWF adviser says execs who invested in derivatives were financially “illiterate”

Posted on 17 June 2016

Top decision makers at Libya’s $67 billion sovereign wealth fund were “illiterate” in terms of investment with little knowledge of the derivatives instruments purchased on the advice of Goldman Sachs, an adviser to the fund told a court on Thursday.
In a closely watched case in the City of London, the Libyan Investment Authority (LIA) is attempting to claw back $1.2 billion from the U.S. investment bank from nine disputed trades carried out in 2008. The LIA argues that the U.S. bank took advantage of its financial naivety by first gaining its trust, then encouraging it to make risky and ultimately worthless investments………………………………………..Full Article: Source


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