LIA Details Case Against Goldman Sachs

The legal papers also note that the exploitative trades were inadequately documented by Goldman Sachs, with the details of the actual trades undertaken being provided to the LIA weeks (and in some cases months) after the trades were executed. When the LIA received these and began to understand the true nature of the disputed trades it became clear that the trust and confidence placed in Goldman Sachs had been abused.

Mr AbdulMagid Breish, Chairman of the LIA since June 2013, said:

The unique circumstances allowed Goldman Sachs to take advantage of the LIA’s extremely limited financial and legal experience, to deliberately exploit its position of influence, and to take advantage in a way that generated colossal losses for the LIA but substantial profits for Goldman Sachs.

“While Goldman Sachs was orchestrating these unjustly exploitative transactions, it repeatedly told the LIA that it sought a long-term relationship with the LIA as a strategic partner. This was untrue.

“Today, the LIA, as the sovereign wealth fund of Libya, is seeking the recovery of these substantial funds as it seeks to invest and generate wealth for the people of Libya as the country continues its development following the revolution of 2011.

Goldman Sachs has 14 days to acknowledge service of the legal proceedings.

(Source: Libyan Investment Authority)

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