Tag Archives | LIA

New Allegations of Corruption in the Libyan Oil Industry

By John Lee. An investigation by Fairfax Media — publisher of The Age and The Sydney Morning Herald newspapers — and The Huffington Post, claims that Monaco-based Unaoil has been involved in widespread bribery and corruption in the oil industry, including in Iraq, Iran and Libya. Following examination of tens of thousands of emails, the report says that Unaoil […]

Glenn Maud v The Libyan Investment Authority

By John Whittaker, Partner, Clyde&Co. This article is republished with the author’s permission. Any opinions expressed are those of the author, and do not necessarily reflect the views of Libya Business News. The decision of Glenn Maud v The Libyan Investment Authority on 8 June 2015 is of interest to those involved with sanctions. A […]

Goldman Sachs Defends Actions

Goldman Sachs has defended its actions in seeking business from Libya’s wealth fund during the Gadhafi regime, according to a report from the Wall Street Journal. In court documents that the company said its managers weren’t “financially illiterate”, and understood the risks that accompanied trades they hired the Wall Street firm to execute. The Libyan […]

LIA Boss Replaced due to Political Isolation Law

The Board of Trustees of the Libyan Investment Authority (LIA) has announced the appointment of Mr Abdurahman Benyezza as acting Chairman of the Board of Directors and acting CEO of the Libyan Investment Authority. Mr Benyezza is already a Board Director at LIA and senior advisor to the Libyan Oil and Gas Ministry, having previously […]

Och-Ziff Falls on Probe into LIA

Shares in the hedge-fund firm Och-Ziff Capital Management Group LLC (OZM) have fallen after it announced that U.S. regulators are investigating whether it broke bribery laws in accepting an investment from the Libyan sovereign wealth fund. The US Justice Department has requested information from the company as part of its investigation into possible violations of […]

LIA First-Half Profits Over $2 billion

The Deputy Governor of the Central Bank of Libya has announced that the Libyan Investment Authority (LIA) made a profit of $2-2.25 billion in the first half of 2013, according to a report from Libya Investment. The sovereign wealth fund valued its investment portfolio at $64 billion in 2010. The Deputy Governor said Libya needs […]

Libya to Buy into Tunisie Telecom?

A unit of Libya’s sovereign wealth fund is reported to be in talks to buy a 35-percent stake in state-owned Tunisie Telecom. Emirates International Telecommunications LLC (EIT), a subsidiary of Dubai Holdings, has put its 35-percent stake in the company up for sale to cut its debt; it bought the stake for $2.25 billion in […]

Libyan Investment Authority Scores 2nd Lowest

The Libyan Investment Authority (LIA) has scored second-lowest in a world ranking of sovereign wealth funds. The study, by Allie E. Bagnall and Edwin M. Truman, of the Washington D.C.-based Peterson Institute for International Economics, found the LIA to be worse than all funds apart from that of Equatorial Guinea in terms of accountability and transparency. […]