LIA response to ruling in Goldman Sachs case
The London High Court has today ruled that the Libyan Investment Authority (LIA) has lost its case against Goldman Sachs. The action was brought in early 2014 by earlier leadership of the LIA and alleged that Goldman Sachs had wrongfully exploited the LIA in trades in 2007 and 2008.
Commenting on the decision, the President of the Interim Steering Committee of the Libyan Investment Authority, Dr Ali Mahmoud Hassan, said: “The Libyan Investment Authority undertook a strategy to secure its assets and grow their market value. The leadership of the LIA has always been clear that it would do all it could to pursue those who exploited the fund in the late 2000s. As a first step, the LIA embarked in the end of 2013 to pursue court cases against Goldman Sachs and Société Générale.
Today’s ruling will not break our resolve and we remain focused on the other litigations raised by the previous Board of Directors to put right the wrongs suffered elsewhere in the past. Libya’s wealth must be returned to the people of Libya.”
Davidson Ryan Dore