Tag Archives | SocGen

LIA Feud Referred to London Court

By Padraig O'Hannelly. The battle for control of Libya's $67-billion sovereign wealth fund took a new twist on Wednesday, with one of the sides initiating proceedings in the Commercial Court in London to settle the question as to who has the ultimate authority to appoint the Board of Directors to manage the fund's UK-based assets. The […]

Managing Libya's $67bn Sovereign Wealth Fund

By Padraig O'Hannelly. Libya is complicated. With two rival governments, controlling rival armies that themselves contain competing factions, it's hardly surprising that control of one of Libya's biggest assets, its $67-billion sovereign wealth fund, is also contested. To some extent, the battle for control of the Libyan Investment Authority (LIA) mirrors the divisions within Libya […]

LIA Progresses Litigations against Goldman Sachs, SocGen

At a hearing in the English High Court today (Thursday), Mr Justice Flaux approved the Libyan Investment Authority’s (LIA) application to appoint interim receivers on its behalf to manage the litigations against Goldman Sachs, Société Générale S.A. and others. The order today allows for the appointment of partners in BDO LLP as receivers to manage […]

Rival LIA Factions unite Against Goldman & SocGen

A statement issued on behalf of the Tripoli-based group which is fighting for control of Libya's $60-billion sovereign wealth fund has confirmed that both sides will unite in their legal action against Goldman Sachs and Societe Generale. AbdulMagid Breish (pictured), who was recently reinstated by the Tripoli-based Court of Appeal as Chairman and CEO of […]

LIA Applies for Receiver to handle Goldman Lawsuit

The Chairman of the Board of Directors of the Libyan Investment Authority (LIA) has confirmed that an application will be made to the UK court to put into the hands of a court-appointed Receiver the LIA's interest in the on-going litigations between the LIA and Goldman Sachs and Société Générale in the Commercial and Chancery Courts, London. The Board of Directors […]

Keystone Law to Represent LIA

The Chairman and Board of Directors of the Libyan Investment Authority (LIA) have confirmed the appointment of Keystone Law, a UK law firm, to represent it in its on-going claims against Goldman Sachs and Société Générale in the Chancery and Commercial Courts, London. Keystone is instructed to seek directions for a speedy resolution of a […]

LIA Vows to Continue Goldman / SocGen Litigation

Following the recent report that the law firm representing the Libyan Investment Authority (LIA) in its legal battles against Goldman Sachs and Societe Generale (SocGen) had resigned from the case, the LIA has vowed to continue with its litigation. In a statement issued through London-based strategic communications consultancy Davidson Ryan Dore, the sovereign wealth fund […]

LIA's Lawyers Abandon Goldman Lawsuit

London-based firm Enyo Law, which had been acting on behalf of the Libyan Investment Authority (LIA) in its legal battles against Goldman Sachs and Societe Generale (SocGen), has reportedly dropped LIA as a client. The LIA is claiming $1.2 billion from Goldman and $2.1 billion from SocGen for losses on trades managed by the banks […]