Goldman Sachs Bankers Accused of Hiring Prostitutes to Win Libyan Business
Goldman Sachs bankers have been accused of paying for prostitutes, private jets and five star hotels and held business meetings on yachts to win business from a Libyan investment fund set up under Gaddafi regime.
“The LIA lost almost all its investment through the trades, while Goldman Sachs generated profits of over more than $200million from the trades. “
~ The Guardian
The Libyan Investment Authority (LIA) was set up in 2006 to invest the country’s oil wealth as its status from a pariah state was being lifted. Lawyers for LIA are claiming for losses on nine trades that Goldman Sachs executed between January and April 2008. The LIA lost almost all its investment through the trades, while Goldman Sachs generated profits of over more than $200million from the trades.
About Libyan Investment Authority
The Libyan Investment Authority (LIA) is the sovereign wealth fund of Libya. It was established in 2006 and, in accordance with law No (13) of 2010, aims to develop and maximise state revenue surpluses to achieve three goals:
Create a diversified source of wealth for Libya’s future generations by investing internationally with a sustainable, long-term view.
- Stimulate Libya’s economy through major, transformational private sector projects
- engaging international expertise through joint ventures and knowledge transfer.
- Provide stability against volatile oil revenues and government budget shortfalls.
Visit: Libyan Investment Authority
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