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
The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals. Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.
Get The Wealth Insider Daily
- For Press Release, please contact firstname.lastname@example.org
- For Media-related enquiries, please contact email@example.com
- For Advertisement, please contact our official ad agency