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While Libyan ministers jump ship, shouting Kadafi Did It (Lockerbie), the mad monk plays the bin Laden card. Better to just follow the money ....
Libya placed billions of dollars at U.S. banks-WikiLeaks
By Natsuko Waki
LONDON Feb 24 (Reuters) - Libya's secretive sovereign wealth fund has $32 billion in cash with several U.S. banks each managing up to $500 million, and it has primary investments in London, a confidential diplomatic cable shows. The cable, obtained by WikiLeaks and revealing the details of a January meeting between the head of the Libyan Investment Authority (LIA) and the U.S. ambassador in Tripoli, comes as the United States and European governments explored the possibility of freezing assets belonging to the Libyan government.
LIA, the umbrella body for Libya's sovereign funds managing oil windfall revenues, is estimated to manage assets of around $70 billion with stakes in European bluechips such as Italian bank UniCredit and British publishing group Pearson.
LIA's Mohamed Layas told the U.S. ambassador at a Jan. 20 meeting that the fund operated with high liquidity and was not concerned about the volatility in the oil market.
"We have $32 billion in liquidity, mostly in bank deposits that will give us good long-term returns," the cable quoted Layas as saying at the meeting at LIA's office overlooking the Mediterranean Sea.
It was not immediately clear whether $32 billion represented the fund's total assets under management or its cash component.
The cable said of Layas: "He explained that several American banks are each managing $300-500 million of LIA's funds ... He noted that the LIA's primary investments are in London, in banking and residential and commercial real estate."
LIA is one of the most opaque sovereign wealth funds in the world, with strong links to the government. In a rare annual report in 2009 it said it had more than 78 percent in "short-term financial instruments abroad".
Layas said that LIA preferred doing business in London than in the United States due to the ease of conducting business and a relatively uncomplicated tax system.
LIA, through its African investment arm, has placed several hundred million dollars of its assets with London-based FM Capital Partners, created by former Merrill Lynch and JPMorgan asset manager Frederic Marino in 2009.
The cable said that LIA controlled at least seven subsidiary operations.
The United States and European Union governments are considering possible sanctions against Libya that include asset freezes.
http://af.reuters.com/article/libyaN...110224?sp=true
Libya placed billions of dollars at U.S. banks-WikiLeaks
By Natsuko Waki
LONDON Feb 24 (Reuters) - Libya's secretive sovereign wealth fund has $32 billion in cash with several U.S. banks each managing up to $500 million, and it has primary investments in London, a confidential diplomatic cable shows. The cable, obtained by WikiLeaks and revealing the details of a January meeting between the head of the Libyan Investment Authority (LIA) and the U.S. ambassador in Tripoli, comes as the United States and European governments explored the possibility of freezing assets belonging to the Libyan government.
LIA, the umbrella body for Libya's sovereign funds managing oil windfall revenues, is estimated to manage assets of around $70 billion with stakes in European bluechips such as Italian bank UniCredit and British publishing group Pearson.
LIA's Mohamed Layas told the U.S. ambassador at a Jan. 20 meeting that the fund operated with high liquidity and was not concerned about the volatility in the oil market.
"We have $32 billion in liquidity, mostly in bank deposits that will give us good long-term returns," the cable quoted Layas as saying at the meeting at LIA's office overlooking the Mediterranean Sea.
It was not immediately clear whether $32 billion represented the fund's total assets under management or its cash component.
The cable said of Layas: "He explained that several American banks are each managing $300-500 million of LIA's funds ... He noted that the LIA's primary investments are in London, in banking and residential and commercial real estate."
LIA is one of the most opaque sovereign wealth funds in the world, with strong links to the government. In a rare annual report in 2009 it said it had more than 78 percent in "short-term financial instruments abroad".
Layas said that LIA preferred doing business in London than in the United States due to the ease of conducting business and a relatively uncomplicated tax system.
LIA, through its African investment arm, has placed several hundred million dollars of its assets with London-based FM Capital Partners, created by former Merrill Lynch and JPMorgan asset manager Frederic Marino in 2009.
The cable said that LIA controlled at least seven subsidiary operations.
The United States and European Union governments are considering possible sanctions against Libya that include asset freezes.
http://af.reuters.com/article/libyaN...110224?sp=true