Libya’s Sovereign Fund Has $32 Billion Dollars With U.S. Banks And Over $70 Billion Dollars In Total Assets Spread Around The World

Posted By on February 24, 2011

Libya’s “secretive” sovereign fund (LIA) has assets of over $70 billion and has placed $32 billion with U.S. banks, reported Reuter,  based on Wikileaks provided information from a “confidential diplomatic cable.”

According to the report: ” The cable, obtained by WikiLeaks and revealing the details of a January meeting between the head of the Libyan Investment Authority (LIA) and the U.S. ambassador in Tripoli, comes as the United States and European governments explored the possibility of freezing assets belonging to the Libyan government.” Libya’s sovereign fund is estimated to hold some $70 billion in assets. The fund is a major stockholder in Italy’s Unicredit bank and U.K. publishing giant Pearson.

The report details a conversation that ranged over a wide range of topics, including where and how Libya did business and with whom. It also mentions a dispute between LIA and Lehman brothers over a “major investment” that was “mismanaged,” but that Libya’s fund manager denied having any connection to the Ponzi schemes run by Bernie Madoff or Alan Stanford.

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