Tag Archives | Goldman Sachs

Ousted Head of LIA Speaks Out

The departing chairman and chief executive of the Libyan Investment Authority (LIA), Mohsen Derregia, has told Euromoney magazine that he was about to appoint lawyers to seek compensation from banks he has accused in the past of causing losses worth billions of dollars, including Société Générale and Goldman Sachs. He says the LIA had identified […]

Libya Seeks Explanation for $1bn Derivatives Loss

Libya is demanding an explanation from France's Societe Generale (SocGen) on how its sovereign wealth fund lost about $1 billion on derivative contracts. Mohsen Derregia, the outgoing chairman and chief executive officer of the Libyan Investment Authority (LIA), told Bloomberg: "We have been in contact a number of times but have not received a satisfactory […]

Libya’s Pursuit of Lost Billions ‘in Limbo’

The head of the Libyan Investment Authority (LIA) has told the Financial Times that his efforts to recoup billions of dollars lost through sales of derivatives by Goldman Sachs and other financial institutions are now “in limbo” after the country’s prime minister moved to sack him last week. Mohsen Derregia, head of the sovereign wealth […]

LIA Cooperates With SEC on Goldman Probe

The Libyan Investment Authority (LIA), the country's sovereign-wealth fund, is reportedly helping the US's Securities and Exchange Commission’s bribery probe into Goldman Sachs. According to The Wall Street Journal, the fund is cooperating with the SEC on an investigation into whether Goldman violated American anti-corruption laws, after the fund lost 98 percent, or $1 billion, […]

LIA Claws Back Sovereign Assets

Libya Herald reports that, almost one year after the fall of Tripoli, the Libyan Investment Authority (LIA), Libya's sovereign-wealth fund, is still working to recover assets frozen during the revolution. The LIA is now also said to be investigating losses that have come to light, including $1.95bn related to investments made with Goldman Sachs and […]

Libya eyes refund of Goldman, SocGen losses

The Libyan sovereign wealth fund is investigating investment losses of $1.75 billion on structured products managed by Goldman Sachs and Societe Generale  to see whether it can claim compensation, the fund's chairman said on Wednesday. Mohsen Derregia, chairman of the Libyan Investment Authority (LIA), told reporters in Milan that the LIA needed to review these […]