Tag Archives | LIA

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, […]

Head of Libyan Investment Authority (LIA) Sacked

Prime Minister Ali Zeidan [Zidan] has announced the replacement of the head of the Libyan Investment Authority (LIA), the country's sovereign wealth fund, after the government deemed his performance unsatisfactory. He said deputy central bank governor Ali Mohammed Salem Hebri would temporarily replace Mohsen Derregia until a permanent replacement was found. (Source: Reuters)

IMF Demands Reform in Libya

Libya needs to establish a clear macro-fiscal policy framework with a consistent fiscal rule reflecting the country’s economic objectives and the volatile nature of revenues, says a report from the International Monetary Fund (IMF). It adds that the Sovereign Wealth Fund (SWF) managed by the Libyan Investment Authority (LIA) and the Budget Reserve Account at […]

LBBC Delegation Visits Tripoli

The Libyan British Business Council (LBBC) is currently bringing a trade delegation to Tripoli. Led by LBBC Chairman the Rt Hon the Lord Trefgarne (pictured), the delegation includes 19 companies in the fields of aeronautics, investment, banking, real estate, legal, project management, engineering, architecture, design, accountancy, oil and gas, media, and logistics. The organisation's website says: […]

Libya Will Not Buy Petroplus Refinery

Speaking to France Inter radio today, French Foreign Minister Laurent Fabius said that Libya’s sovereign investment fund, the Libyan Investment Authority (LIA), will not invest in the Petroplus refinery at Petit-Couronne in Normandy: “Unfortunately, it wasn’t finalized ... It’s too bad, because the idea that a country like Libya that produces a lot of crude could […]

Libyan Fund Seeks New Investments

The Wall Street Journal reports that Libya's sovereign wealth fund, the Libyan Investment Authority (LIA), is actively looking for new investments in bonds and property. The fund's chairman, Mohsen Derregia, told Dow Jones that it plans to radically change the asset allocation of its $60 billion portfolio after several years of lackluster returns and allegations […]