Libya’s sovereign wealth fund accused financial groups of charging high fees for investments that it claims lost hundreds of millions of dollars of the now war-torn country’s oil wealth.
The $65bn Libyan Investment Authority gave scathing judgments on portfolios run by France’s BNP Paribas, Credit Suisse and the Permal fund of hedge funds, according to an internal document produced last year.
The criticism adds to questions over the relationship between western institutions and the LIA in Muammer Gaddafi’s Libya.
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