Goldman Sachs wins $1.2bn LIA Court Case

By John Lee.

A court in London today ruled that the Libyan Investment Authority (LIA) has lost its case against Goldman Sachs.

The LIA had alleged that Goldman executives exerted undue influence over its officials regarding a series of transactions through which the fund claims to have lost more than $1 billion. Goldman is reported to have earned about $222 million from the trades.

Commenting on the decision, the President of the Interim Steering Committee of the Libyan Investment Authority, Dr Ali Mahmoud Hassan, said:

The Libyan Investment Authority undertook a strategy to secure its assets and grow their market value.  The leadership of the LIA has always been clear that it would do all it could to pursue those who exploited the fund in the late 2000s. 

"As a first step, the LIA embarked in the end of 2013 to pursue court cases against Goldman Sachs and Société Générale.

"Today’s ruling will not break our resolve and we remain focused on the other litigations raised by the previous Board of Directors to put right the wrongs suffered elsewhere in the past. Libya’s wealth must be returned to the people of Libya.

The full 120-page judgement can be viewed here.

(Sources: WSJ, LIA, New York Times)

2 Responses to Goldman Sachs wins $1.2bn LIA Court Case

  1. local 18th October 2016 at 4:17 pm #

    No surprise the professionals being sacked long ago from Libyan investment authority and when the money left unattended you can be sure greedy has share in it.

    • Dean Collins 18th October 2016 at 6:51 pm #

      The game was played in Goldman Sachs turf. Both goalkeepers, the Ref and all the goal posts were controlled by the most "honorable", the most "clean", the most "professional" firm, Goldman Sachs. .What the H anyone could expect. When there is Goldman, Justice gets Sachs !!... By the way, which professionals ! They were all bunch of "you know what"

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