HSBC Holdings Plc and Goldman Sachs Group Inc. are among banks that held funds for Muammar Gaddafi's government investment fund, according to UK advocacy group Global Witness.
HSBC held $292.7 million (Dh1.07 million) across ten accounts and Goldman Sachs had almost $44 million in four accounts as of June 30, 2010, according to a document on the Libyan Investment Authority posted on London-based Global Witness's website. The banks refused to confirm if they hold the funds, the group said.
The Libyan state fund lost 4.5 per cent in market value from the previous quarter, with total assets dropping to $53.3 billion, according to the report. Gaddafi has retained control of the fund as he resists US-supported attempts to unseat him.
Advocate
"These are the Libyan people's assets and they have a right to share in them," Gavin Hayman, a director at Global Witness, said from Hong Kong today. The advocacy group is confident about the authenticity of the document and has independently verified it, he said.
Governments should force banks and investment managers to disclose the state-owned funds they manage, Global Witness said. The group, founded in 1993, campaigns against natural resource-related corruption and environmental and human rights abuses in countries from Cambodia to Angola.
It has more than 60 employees in London and Washington, according to its website.
Investments in equity derivatives with a book cost of almost $1.25 billion plunged 98 per cent in market value to $19.9 million as of June 30, according to the report on the state fund.
The Libyan Investment Authority's deposits amounted to $19.8 billion, and it held $5.23 billion in shares and $3.39 billion in bonds. About $3.9 billion was invested in structured products with hedge funds and investment banks, including more than $1 billion at Societe Generale SA and $171.5 million at JP Morgan Chase & Co, the document shows.
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