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The LIA is pursuing claims for $1.2bn in compensation from Goldman Sachs and $2.1bn from Societe Generale (MEES, 15 May), and has launched legal action against four African countries in an effort to recover what it believes are wrongfully appropriated funds (MEES, 7 August).
The LIA’s case against Goldman Sachs began in the UK High Court in June having been filed in 2014. The LIA alleges that the firm led the LIA to make derivative transactions that it did not understand and in which it lost billions of dollars in the financial market crash of 2008. It also alleges that in an effort to win business from the fund Goldman held business meetings on yachts, paid for prostitutes, five-star hotels and private jets, and gave an internship to the brother of former LIA deputy executive director Mustafa Zarti. (CONTINUED - 407 WORDS)