News

Libya’s sovereign fund sues JP Morgan

Gavel, law booksThe Libyan Investment Authority (LIA), Libya’s embattled sovereign wealth fund, is suing US bank JP Morgan and Libyan businessman Walid Al-Giamhi in a London court. Few details of the court case were revealed other than it is classified as a commercial fraud claim. It is not the first time the LIA has taken legal action against an investment bank in the UK. Two previous cases were brought against Goldman Sachs and Societe Generale in 2016 and 2017 respectively over trades carried out during the reign of former leader Muammar Gaddafi. The LIA was unsuccessful in the former but was awarded $1.2 billion in its dispute with Societe Generale. The LIA’s $67 billion of assets have been under UN sanctions since the 2011 revolution, despite appeals from the fund’s UN-appointed overseers that it is losing money on account of the ruling. In March, the LIA had to reassure investors that its Belgium-held assets were safe after local media reported that $12.3 billion of LIA assets held at Euroclear Bank had gone missing. ©2018 funds global mena

Executive Interviews

INTERVIEW: Protecting the investment

Nov 23, 2017

Rasmala’s trade finance fund recently passed $100 million in assets. Doug Bitcon, head of credit strategies, explains why he has to be hands-on.

EXECUTIVE INTERVIEW: A natural interest in the topic

Mar 08, 2017

Since 2016, Guillermo Ortiz has been a chairman of Latin America’s BTG Pactual. The former central banker of Mexico talks to Nick Fitzpatrick.

Roundtables

ROUNDTABLE: Charting the pace of reform

Nov 23, 2017

Saudi Arabian index inclusion, the onset of taxes and the Dana Gas controversy were among the issues discussed by our cross-industry panel. Chaired by George Mitton in Dubai.

SOUTH AFRICAN ROUNDTABLE: Spirit of Ubuntu

Mar 08, 2017

The move to a three-day settlement cycle, the appearance of new stock exchanges, and recent rules on hedge funds were discussed by our panel in Cape Town. Chaired by George Mitton.