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Libya: Libya sues US financial group, Goldman Sachs

Libya has instituted a court action against US financial group, Goldman Sachs, in a bid to recuperate funds, estimated at more than US$ 1 billion, and to seek the reimbursement of premiums that the government paid to the bank for its services, PANA reported from the Libyan capital.

In a communique issued Monday, the Libyan Sovereign Fund said it had taken the matter to a  London High Court to obtain the cancellation of the transactions and the reimbursement of parts of the investment that allowed the US bank to realize important benefits to the order of US$ 350 million on the said transactions.

The Libyan Fund accused Goldman Sachs Bank of having encouraged it to invest in transactions without any interest for it.

The Libyan Fund, created in 2006 to manage the oil revenue of the country, also accuses the US bank of taking advantage of the little experience of its officers to have them enter into “insufficiently documented transactions.”

According to the Fund, that is worth US$ 60 billion, the US bank exploited “the weakness of the Libyan investment power to encourage it to take shares in Citigroup and Electricite de France (EDF) in a bid to realize benefits estimated at US$ 1 billion.


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