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Banking

Libyan Investment Authority: special focus

Inside the LIA’s litigious pursuit of Gaddafi-era investments brokered by Western financial institutions as it brings controversial claims against Goldman Sachs, a Dutch asset manager and Société Générale.

Equities dip highlights concern at SocGen

May 2018

Core division sees sharp fall as peers rise; follows exit of key investment bankers.


AbdulMagid Breish-160x186 

Libya: LIA loses the Goldman case

October 2016

Libyan Investment Authority fails to convince court US bank duped it; Société Générale case even bigger but LIA is rudderless.


Libya’s Dickens of a muddle

April 2016

It is tempting to wonder if the Libyan Investment Authority’s actions against Goldman Sachs and Société Générale could end up going the same way as Jarndyce and Jarndyce. In March, the UK High Court heard a case, not about the Libyan sovereign wealth fund’s actions against US and French banks, but the more rudimentary matter of who actually runs the LIA in the first place.

Libya: LIA languishes in legal labyrinth

June 2015

Abdulrahman Benyezza-R-600

Leadership dispute between Malta and Tripoli; lawyers walk away from case.

Libya: Goldman must open its LIA books

December 2014

Judge rules profits must be explained; 28 people to have their email searched.

Goldman mounts LIA defence

October 2014LIA ‘not financially illiterate’; relationship was ‘arm’s length’.

LIA: Is Breish an old hand or a new broom?

May 2014Life and logistics are still not simple in Libya. A lot of damage has been done that cannot be fixed overnight.

Secret memo 

Libya vs Goldman Sachs – the secret memo

May 2014

Last month Goldman Sachs filed papers in the UK courts seeking to have a case for mis-selling brought by the LIA summarily dismissed. This is not the first attempt by the bank to end the problems caused by its engagement with Gaddafi-era Libya. In a 2010 memo, Goldman proposed a complex structure that would have involved a $52 million payment in exchange for unwinding trades that had cost the Libyan fund almost $1.3 billion. While the US investigates, LIA chairman Abdulmagid Breish is making plans for the sovereign wealth fund’s future – and he wants his country’s money back.



Libyan Investment Authority’s post-Gaddafi plans revealedApril 2014

AbdulMagid Breish, the chairman and acting CEO of the LIA – the man who launched litigation against some of the biggest names in global banking – reveals the sovereign wealth fund’s plans for the future and the battle to move on from Gaddafi-era investments.




Société Générale drawn into LIA saga

April 2014

The increasingly litigious Libyan Investment Authority has turned its attention from Goldman Sachs to Société Générale, as it tries to get money back from investment advice it received in 2008. Court documents shed light on a mysterious Panama-based company – whose function for the LIA and the Gaddafi administration has long puzzled observers – which is alleged to have received $58 million in bribes from the French bank.





 

Libyan plot thickens for Goldman with Palladyne ‘money-laundering’ suit

March 2014

Goldman’s controversial relationship with the Libyan Investment Authority was brought back into focus this week after a former executive of Palladyne International Asset Management brought a claim against the Dutch firm describing it as a ‘money-laundering operation’ for the former Gaddafi regime.



 

New details emerge of Libya's claim against Goldman Sachs

February 2014

Libya Investment Authority says bank implemented trades that it didn't understand, costing it $1 billion.







 

The battle for the Libyan Investment Authority – why Mohnsen Derregia was kicked out 

April 2013

Mohsen Derregia was plucked from nowhere to run the $60 billion fund of the Libyan Investment Authority. He found a mess that he spent a year trying to clean up. Now, as many of LIA’s investments are being reassessed, he’s on his way out. He tells an extraordinary tale of sovereign wealth in a conflict-torn country.



 


Libyan Investment Authority: The leaked KPMG reports

April 2013

When two management reports from 2010 audited by KPMG were leaked to the campaign group Global Witness and released on-line, the world was given a remarkable insight into where the LIA had invested. And since all its assets have been frozen since early 2011, it is very likely still accurate.


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