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

Libyan fund officials didn’t understand Goldman trades: lawyer

Posted on 30 June 2016

Libya’s sovereign wealth fund was “astonished to learn” it hadn’t acquired any actual shares through derivatives trades arranged by Goldman Sachs, according to a former lawyer for the fund who gave evidence in the High Court in London on Tuesday.
The Libyan Investment Authority is suing Goldman for $US1.2 billion ($1.62bn) to cover its losses from nine trades arranged in 2008. The trades took the form of equity derivatives and expired worthless in 2011. The LIA allegesthat Goldman executives exerted “undue influence” over its officials, who didn’t understand the trades………………………………………..Full Article: Source


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