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13

Libyan Fund Claims Goldman Sachs Exploited Its Financial Naïveté

By Tony Seruga

An ENI oil platform off the coast of Libya. The country’s sovereign wealth fund is suing Goldman Sachs over the way the proceeds of Libya’s oil sales were invested. CreditENI, via European Pressphoto Agency

LONDON — After years of international isolation under the rule of Col. Muammar el-Qaddafi, Libya sought to emulate its Middle Eastern neighbors by creating a sovereign wealth fund in 2006 to invest the proceeds from its sale of oil.

The North African nation soon turned to Goldman Sachs to help it invest some of the more than $35 billion in funds it had available in late 2007…

Libyan Fund Claims Goldman Sachs Exploited Its Financial Naïveté

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