The Telegraph reports that Goldman Sachs has hit back at allegations that the Wall Street giant duped Libya’s $60bn sovereign wealth fund into trades that lost the country vast sums of money while making the bank hundreds of millions in profits.
In court documents, Goldman denied that the Libyan Investment Authority (LIA) had been 'financially illiterate' when entering into trades that proved worthless, and rejected claims that its bankers had cosied up to LIA officials. It is also claiming unspecified damages against the LIA.
The LIA is gearing up for separate London court battles against Goldman and the French bank Societe Generale, claiming they raked in huge fees and abused the fund’s trust during the Muammar Gaddafi era.
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