Tag Archives | Goldman Sachs

LIA seeks Leave to Appeal in Goldman Sachs case

By John Lee. The Libyan Investment Authority (LIA) has reportedly asked on Friday for leave to appeal against last week’s British High Court ruling in favour of Goldman Sachs. The $67-billion sovereign wealth fund had alleged that Goldman executives exerted undue influence over its officials regarding a series of transactions through which the fund claims […]

Goldman Sachs wins $1.2bn LIA Court Case

By John Lee. A court in London today ruled that the Libyan Investment Authority (LIA) has lost its case against Goldman Sachs. The LIA had alleged that Goldman executives exerted undue influence over its officials regarding a series of transactions through which the fund claims to have lost more than $1 billion. Goldman is reported […]

LIA on Track to Recover Wealth of the Libyan People

By Sami Redwan, Economics and Business Commentator, Tripoli. Any opinions expressed are those of the author, and do not necessarily reflect the views of Libya Business News. LIA on track with multi-million dollar litigations to recover wealth of the Libyan people Things are uncertain at the moment, even by Libya’s standards. Key terminals in Libya’s […]

GNA-appointed LIA Steering Cmte meets in Tunis

Dr Ali Hassan Mahmoud, the President of the GNA-appointed Steering Committee of the Libyan Investment Authority (LIA), hosted on Sunday what was described as “the first truly integrated and fully attended meeting of the Libyan sovereign wealth fund … since July 2014“. Welcoming executive management from the LIA’s two office in Tripoli and Malta and […]

LIA Recovers $126m from Cornhill, Lehman

The Libyan Investment Authority (LIA) has said said that, after a three year battle, it has successfully recovered $53.8 million that had been managed by Cornhill Capital. In a statement, the LIA said a fundamental factor was Cornhill Capital’s reliance on international sanctions imposed against some of the assets of the LIA. Cornhill was able […]

LIA Litigation Cmte Restored to fight Goldman, SocGen

By Padraig O’Hannelly. The rival Libyan Investment Authority (LIA) leaders in Tripoli and Tobruk have agreed to restore the LIA’s Litigation Committee, to supervise the fund’s international legal cases against Goldman Sachs and Société Générale (SocGen). The Litigation Committee was originally established by Mr AbdulMagid Breish (pictured), as Chairman of the Tripoli-based LIA, in 2013, but was […]

LIA claims $1.2bn from Goldman Sachs

By John Lee. The court case in which the Libyan Investment Authority (LIA) is seeking damages from Goldman Sachs commenced in London on Monday. The $67-billion sovereign wealth fund is seeking damages of $1.2 billion from the investment company in relation to derivative trades executed in 2008. Goldman Sachs has been accused of using vacations […]

Rival LIA Chairmen Disagree on Court Findings

By Padraig O’Hannelly. The High Court in London has published the reasons for its recent decision to adjourn the case in which it was asked to decide which of the rival regimes in Libya should be treated as the government of the country. The case arose from the fact that two competing appointments had been […]