This content is not available in your region

Libya 'had billions invested with Western banks'

Libya 'had billions invested with Western banks'
Text size Aa Aa

Details have emerged of where Colonel Gadaffi put billions of Libya’s oil earnings.

A campaigning anti-corruption group – Global Witness – says it has obtained a document listing the banks that held 38 billion euros, as of a year ago.

France’s Societe Generale is said to have had over seven hundred million euros worth of investments.

Other major western investment banks allegedly with Libyan oil wealth include Goldman Sachs in the US, Japan’s Nomura, and in London Royal Bank of Scotland and HSBC, which reportedly had just over 200 million euros.

A much larger portion of the Libyan Investment

Authority’s deposits – 13.5 billion euros worth – was said to have been held in Libyan and Middle Eastern banks.

Much of its assets have been frozen under international sanctions since February.

The leaked document said the LIA also had billions in shares of companies such as BP, Deutsche Telekom, General Electric and Vivendi.