Tag Archives | Societe Generale

LIA Recovers $126m from Cornhill, Lehman

The Libyan Investment Authority (LIA) has said said that, after a three year battle, it has successfully recovered $53.8 million that had been managed by Cornhill Capital. In a statement, the LIA said a fundamental factor was Cornhill Capital’s reliance on international sanctions imposed against some of the assets of the LIA. Cornhill was able […]

LIA Litigation Cmte Restored to fight Goldman, SocGen

By Padraig O’Hannelly. The rival Libyan Investment Authority (LIA) leaders in Tripoli and Tobruk have agreed to restore the LIA’s Litigation Committee, to supervise the fund’s international legal cases against Goldman Sachs and Société Générale (SocGen). The Litigation Committee was originally established by Mr AbdulMagid Breish (pictured), as Chairman of the Tripoli-based LIA, in 2013, but was […]

SocGen seeks to push back Trial Date

By John Lee. French investment bank Societe Generale (SocGen) has asked the High Court in London to push back the date of a trial in a dispute with Libya’s $67 billion sovereign wealth fund over a series of trades entered into between 2007 and 2009, according to Reuters. A lawyer acting for SocGen cited the […]

LIA claims $1.2bn from Goldman Sachs

By John Lee. The court case in which the Libyan Investment Authority (LIA) is seeking damages from Goldman Sachs commenced in London on Monday. The $67-billion sovereign wealth fund is seeking damages of $1.2 billion from the investment company in relation to derivative trades executed in 2008. Goldman Sachs has been accused of using vacations […]

Businessman told to Disclose more Records

A Libyan businessman has been ordered by the British High Court to disclose additional phone and banking records in relation to the case in which the Libyan Investment Authority (LIA) is pursuing French bank Societe Generale (SocGen) for some $2.1 billion relating to a series of disputed trades. According to Reuters, the LIA claims that SocGen […]

Rival LIA Chairmen Disagree on Court Findings

By Padraig O’Hannelly. The High Court in London has published the reasons for its recent decision to adjourn the case in which it was asked to decide which of the rival regimes in Libya should be treated as the government of the country. The case arose from the fact that two competing appointments had been […]

Court Adjourns Case over Libyan Sovereign Wealth Fund

A British High Court has adjourned a case on Monday in which it was asked to decide which regime in Libya should be treated as the government of the country. The case arose from the fact that two competing appointments to the Chairmanship of the Libyan Investment Authority (LIA) had been made, with Hassan Bouhadi […]

Court date set for Libyan Investment Authority Hearing

Reuters reports that the Commercial Court in London has set 7th March as the date to start hearing the case between the rival leaderships of the $67-billion Libyan Investment Authority (LIA). Both the Tripoli-based AbdulMagid Breish, and Malta-based Hassan Bouhadi, who was appointed by the internationally recognised government in Tobruk, claim to be the legitimate Chairmen […]