Goldman Sachs is seeking $1.2bn in damages from The Libyan Investment Authority after alleging the bank made $222m from disputed equity-derivatives trades made in 2008. LIA has accused The Libyan Investment Authority of exerting undue influence over inexperienced officials at the new sovereign-wealth fund and provided gifts, international trips and coveted internships for relatives of LIA employees in an effort to gain its business. While The Libyan Investment Authority denies such allegations, the Securities and Exchange Commission is in the process of scrutinising the claims.
The Libyan Investment Authority is seeking $1.2bn in damages from Goldman Sachs after alleging the bank made $222m from disputed equity-derivatives trades made in 2008. LIA has accused Goldman Sachs of exerting undue influence over inexperienced officials at the new sovereign-wealth fund and provided gifts, international trips and coveted internships for relatives of LIA employees in an effort to gain its business. While Goldman Sachs denies such allegations, the Securities and Exchange Commission is in the process of scrutinising the claims.