Libya lost billions of dollars on sophisticated financial products sold to Muammer Gaddafi’s sovereign wealth fund by some of the world’s leading financial institutions, according to a confidential Libyan government document.
Banks and hedge funds led by France’s Société Générale are named in about $5bn of deals involving the oil-rich nation, some of which had resulted in heavy losses by the middle of last year.
One of the most striking losses, outlined in an internal report for the Libyan Investment Authority, was a 98.5 per cent fall in the value of the sovereign wealth fund’s $1.2bn equity and currency derivatives portfolio.
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