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Lbya’s sovereign wealth fund (SWF) took Goldman Sachs to court in London to recover $1.0 billion (796 million euros) from a series of derivatives trades made during Moamer Kadhafi’s regime.
The Libyan Investment Authority claims that its international inexperience and a relationship of trust with the bank was “exploited” by Goldman Sachs, which disputes the allegations.
The Wall Street bank allegedly made $350 million in up-front profits from the trades.
The claim relates to deals made in 2008 under Kadhafi in the few years between the country opening up to Western investments and the dictator’s bloody ouster in 2011.
Despite the war, Libya’s SWF is estimated to be worth over $60 billion.
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