Report - SocGen the next target for Libyan Investment Authority

Société Générale is next on the Libyan Investment Authority’s (LIA) legal hitlist, The Independent has learnt.

The newspaper reports that it emerged last week that the LIA was suing Goldman Sachs for $1bn in losses made on a series of trades in derivatives linked to shares plus $350m in profits made on fees and interest.

The LIA is, however, planning multiple legal assaults on banks which dealt with the sovereign fund when it was run by placemen of the country’s since overthrown dictator, Colonel Muammar Gaddafi, with the French bank next in line.

In its legal claim the LIA alleged that Goldman funded luxury trips to Morocco and plied staff members with gifts of chocolate and aftershave as it sought to cultivate a close relationship with the $60bn fund, set up to invest the country’s vast oil wealth.

Western banks had flooded into the North African nation during the middle years of the last decade, prompted by a thaw in international relations and encouraged by Western governments keen to bring Libya in from the cold.

To access the complete Independent article hit the link below:

First Goldman Sachs, now SocGen in Libya's sights

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