The Libyan Investment Authority (LIA) is set to demand $1.2bn from Goldman Sachs following claims the bank exploited Libya's $67bn sovereign wealth fund through encouragement to make risky investments. LIA's chief executive Ahmed al-Warfalli said in a statement that it had "received information about alleged violations of its rules and regulations by Goldman".
The Libyan Investment Authority (LIA) is set to demand $1.2bn from Goldman Sachs following claims the bank exploited Libya's $67bn sovereign wealth fund through encouragement to make risky investments. LIA claim that nine trades carried out in 2008 were procured under undue influence, an allegation that Goldman Sachs intends to fight.