Libyan assets held by leading global banks

[dipsydoodle]

Source: BBC News

Some of the biggest and best-known financial institutions in the world held billions of dollars of Libyan state funds, a leaked report has revealed.

Principal among them were HSBC, Royal Bank of Scotland, Goldman Sachs, JP Morgan Chase, Nomura and Societe General, Global Witness said.

The banks refused to say whether they held, or are still holding, the funds.

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It also showed that the Libyan Investment Authority (LIA) holds billions of dollars in shares in global corporations such as General Electric, BP, Vivendi and Deutsche Telekom.

Read more: http://www.bbc.co.uk/news/business-13553259

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See also :

Banks Sold Investments for Billions to Libya Fund, FT Reports.

The Libyan Investment Authority, the North African country’s sovereign wealth fund, lost billions of dollars on financial products sold to it by western banks, the Financial Times reported, citing a Libyan government document posted on the website of U.K. advocacy group Global Witness.

The banks that did business with the Libyan regime of President Muammar Qaddafi included Societe Generale (GLE) SA, JPMorgan Chase & Co., Credit Suisse Group AG and BNP Paribas (BNP) SA, the newspaper said.

SocGen said it couldn’t comment on individual customers and transactions; the other three banks didn’t respond to questions about the document, the FT said.

The Libyan fund also had $300 million invested with Och- Ziff Capital Management Group LLC, a U.S. hedge-fund manager, the newspaper said, adding that the firm declined to comment.

http://www.bloomberg.com/news/2011-05-26/banks-sold-investments-for-billions-to-libya-fund-ft-reports.html


Libya sovereign fund suffers big losses.

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Libya lost billions of dollars on sophisticated financial products sold to Muammer Gaddafi’s sovereign wealth fund by some of the world’s leading financial institutions, according to a confidential Libyan government document. http://www.ft.com/cms/s/0/8fc046c4-870e-11e0-92df-00144feabdc0.html#axzz1NPHqFYL3

[Scottybeamer70]

1. No big surprise

It's always about the $$$$$$.