February 28, 2013 / 5:11 PM / 5 years ago

Libya consults lawyers over Goldman Sachs dealings

MILAN, Feb 28 (Reuters) - The Libyan sovereign wealth fund said on Thursday it was taking legal advice over losses on structured products managed by Goldman Sachs.

In a statement released in Italy, the Libyan Investment Authority (LIA) also said it was cooperating with the U.S. Securities and Exchange Commission, which is examining whether the U.S. investment bank and other financial companies violated bribery laws in their dealings with the LIA.

Last year, the LIA said it was investigating investment losses of $1.75 billion on structured products managed by Goldman Sachs and Societe Generale to see whether it could claim compensation.

Earlier on Thursday, Libya’s prime minister said the head of LIA, Mohsen Derregia, would be replaced after the government deemed his performance unsatisfactory.

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