Goldman Sachs invests more than $1.3 billion of Libya's sovereign wealth funds in currency bets and other shops in 2008 and the investment more than 98 percent of its value lost the Wall Street Journal reported, citing internal Goldman documents.
If the Fund, controlled by Colonel Muammar Al-Qadhafi, made offered huge losses Goldman Libya said the way to one of the largest shareholders, the magazine, trusted relying on people with the matter.
Goldman Sachs was unavailable for comment, outside the normal U.S. business hours.
Under the various proposals by Goldman Sachs to recoup the losses one was getting $5 billion in preferred Goldman shares in the Libya securities would invest USD 3.7 billion to the firm, the paper added.
The documents also show, that company Chief Executive Lloyd Blankfein, its finances, the chief David Viniar and top executive Michael Sherwood in this context discussions were involved in the magazine reports.
The Libyan funds paid apparently $1.3 billion for options on a basket of currencies and six stocks - Citigroup Inc, Italian bank UniCredit SpA, Spanish bank Banco Santander, German insurance giant Allianz, French energy company Electricite de France and Italian energy company ENI SpA, which said paper.
Copyright 2011 Thomson Reuters.
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