London Correspondent - complex financial products of the Company generally have been one of the favorite investment regime of Colonel Gaddafi, who has given $ 1.8 billion (1.27 billion euros) in oil revenues to establish French through the Libyan Investment Authority (LIA), the Libyan sovereign fund.
While Societe Generale has acted legally by selling these structured products, however, after the imposition of international sanctions, the Libyan regime in early 2011, the French bank was careful not to publicly acknowledge the existence of these investments it opaque with wide margins.
To read an overview of the assets of the Libyan Investment Authority dated 30 June 2010, including Le Monde had obtained a copy (see the document at the bottom of the article), the LIA has in its investment portfolio, now frozen in three funds of Societe Generale (Soc Gen Europe Medium, Soc GenStrategic EquityFund CODEIS, Soc Gen - Cross Roads 5Y Link Notes).
According to this document made by the auditor, KPMG, these structured products - a complex combination of options, swaps and other components - designed by the bank to enable its customers to diversify their portfolios. To believe KPMG, the performance of these investments has been disappointing from the first and second quarter 2010.
Thus, Soc Gen Europe Medium has lost 42.96% of its value. Result, the evaluation of the product portfolio Soc Gen has fallen to about one billion dollars. JP Morgan and the hedge fund Och-Ziff also sold products similar to the LIA. Transmitted to the world by the British NGO Global Witness, the document, whose authenticity was confirmed by two independent experts, discloses further that the LIA was given the equivalent of $ 335 million (236 million euros) Currency varied at two banks, the British HSBC and Goldman Sachs.
Arab institutions hold a substantial share of other financial assets in Libya. "The major private financial institutions have agreed to grow the money in the Libyan regime despite the obvious risks of diversion of state assets for personal gain. These banks have helped to strengthen an obscene power," said Charmian Gooch , Executive Director of Global Witness, an NGO founded in 1995 to fight against the misuse of natural resources.
In light of this new scandal, the association asks regulators to ensure that banks have funds Libyan prohibit any transfer of assets in personal accounts of the clan or Gaddafi's henchmen. "The LIA has sought to diversify its portfolio by investing in investments outside the box, especially in hedge funds or funds of funds.
But given the obscurity of these products, we could not quantify their importance, "said Sam Meakin London council office Preqin whose ranking of SWFs is authoritative. In March 2011, Preqin estimated the assets at the LIA $ 70 billion, placing the investor sleeping in the twelfth largest in the world (Le Monde, March 3, 2011).
This amount represents $ 50 billion of financial assets and 20 billion real estate assets and infrastructure. Funds Structured Soc Gen represent half of the LIA investment in alternatives. For most of its wealth, the SWF is however evidence of nervousness. The overweight in the portfolio of U.S.
Treasury bonds, European equities have to a good financial note and cash in point. These revelations confirm once again that dictators are able to place their assets with prestigious brands and reputation, ask few questions regarding the looting of the resources of their country. Accumulating costs and low risks, the management of such heritage is a very lucrative business.
Moreover, in every financial center worthy of the name is a network of private bankers, accountants or lawyers of international capitalism "the shadow" (shadow banking ) masters in the construction of trusts and shell corporations to accommodate the player money. Finally, these management activities benefit from the protection of a de facto sovereign state in the form of royal or diplomatic immunity.
In this indictment, the banking lobby reply that it is impossible to separate the domestic assets of the personal fortunes of leaders of North African or Middle Eastern. And remember that until the outbreak of the rebellion, Washington, London and Paris coddling the regime in Tripoli. The assets of the Libyan Investment Authority to June 30, 2010 Article published in the edition of 27.05.11 
While Societe Generale has acted legally by selling these structured products, however, after the imposition of international sanctions, the Libyan regime in early 2011, the French bank was careful not to publicly acknowledge the existence of these investments it opaque with wide margins.
To read an overview of the assets of the Libyan Investment Authority dated 30 June 2010, including Le Monde had obtained a copy (see the document at the bottom of the article), the LIA has in its investment portfolio, now frozen in three funds of Societe Generale (Soc Gen Europe Medium, Soc GenStrategic EquityFund CODEIS, Soc Gen - Cross Roads 5Y Link Notes).
According to this document made by the auditor, KPMG, these structured products - a complex combination of options, swaps and other components - designed by the bank to enable its customers to diversify their portfolios. To believe KPMG, the performance of these investments has been disappointing from the first and second quarter 2010.
Thus, Soc Gen Europe Medium has lost 42.96% of its value. Result, the evaluation of the product portfolio Soc Gen has fallen to about one billion dollars. JP Morgan and the hedge fund Och-Ziff also sold products similar to the LIA. Transmitted to the world by the British NGO Global Witness, the document, whose authenticity was confirmed by two independent experts, discloses further that the LIA was given the equivalent of $ 335 million (236 million euros) Currency varied at two banks, the British HSBC and Goldman Sachs.
Arab institutions hold a substantial share of other financial assets in Libya. "The major private financial institutions have agreed to grow the money in the Libyan regime despite the obvious risks of diversion of state assets for personal gain. These banks have helped to strengthen an obscene power," said Charmian Gooch , Executive Director of Global Witness, an NGO founded in 1995 to fight against the misuse of natural resources.
In light of this new scandal, the association asks regulators to ensure that banks have funds Libyan prohibit any transfer of assets in personal accounts of the clan or Gaddafi's henchmen. "The LIA has sought to diversify its portfolio by investing in investments outside the box, especially in hedge funds or funds of funds.
But given the obscurity of these products, we could not quantify their importance, "said Sam Meakin London council office Preqin whose ranking of SWFs is authoritative. In March 2011, Preqin estimated the assets at the LIA $ 70 billion, placing the investor sleeping in the twelfth largest in the world (Le Monde, March 3, 2011).
This amount represents $ 50 billion of financial assets and 20 billion real estate assets and infrastructure. Funds Structured Soc Gen represent half of the LIA investment in alternatives. For most of its wealth, the SWF is however evidence of nervousness. The overweight in the portfolio of U.S.
Treasury bonds, European equities have to a good financial note and cash in point. These revelations confirm once again that dictators are able to place their assets with prestigious brands and reputation, ask few questions regarding the looting of the resources of their country. Accumulating costs and low risks, the management of such heritage is a very lucrative business.
Moreover, in every financial center worthy of the name is a network of private bankers, accountants or lawyers of international capitalism "the shadow" (shadow banking ) masters in the construction of trusts and shell corporations to accommodate the player money. Finally, these management activities benefit from the protection of a de facto sovereign state in the form of royal or diplomatic immunity.
In this indictment, the banking lobby reply that it is impossible to separate the domestic assets of the personal fortunes of leaders of North African or Middle Eastern. And remember that until the outbreak of the rebellion, Washington, London and Paris coddling the regime in Tripoli. The assets of the Libyan Investment Authority to June 30, 2010 Article published in the edition of 27.05.11
- New Issue-Societe Generale adds $130 mln notes (24/03/2011)
- BP upgraded to buy at Societe Generale (23/05/2011)
- The end is coming for Gaddafi - Kadhafi wife, daughter have fled to Tunisia: Clinton (20/05/2011)
- Major world banks handled Libya cash, report (26/05/2011)
- The Three Signs We're In The Midst Of A China Slowdown (24/05/2011)
No comments:
Post a Comment