Libya Investment Authority to investigate losses of $1.75 billion managed by Goldman Sachs
Libya Investment Authority (LIA) to investigate losses of $1.75 billion managed by Goldman Sachs & Societe Generale
(Reuters) - The Libyan sovereign wealth fund is investigating investment losses of $1.75 billion on structured products managed by Goldman Sachs (GS.N) and Societe Generale (SOGN.PA) 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 investments and how they were managed.
"These were investments made in 2007 to 2008, and some of those losses are quite surprising. We've had losses for around $1.75 billion, of which $900 million was on a single investment with Goldman Sachs," Derregia said.
"We will have to see how these structured products were created, valued and managed. Then we will talk to the investment houses and see if we can claim a refund."
http://www.reuters.com/article/2012/06/20/us-libya-fund-idUSBRE85J0VU20120620
