Libyan sovereign wealth fund breached

Calcutta News.Net Saturday 27th August, 2011

Trusted Libyan officials have been given the task of tracking down Libya's foreign investments.


The BBC has reported that some $2.9 billion has gone missing from the accounts of the Libyan sovereign wealth fund.

Officials from the Libyan Investment Authority have discovered misappropriation and misuse of part of the total funds, which are worth about $70 billion.

The fund was set up in 2006 by Saif al-Islam, one of Muammar Gaddafi's sons, to invest in foreign companies.

The fund has in the past taken stakes in Italian football clubs and a British financial newspaper.

Officials overseeing the fund are from the former Gaddafi government have been given the job on an interim basis by Ali Tarhouni, the minister in charge of financial affairs for the rebel National Transitional Council.

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