The campaigning group for development issues said it had obtained a dcoument from 2010 showing the Libyan Investment Authoirty (LIA) held assets of billoin as of June 2010 -- lower than the previous estimate of around billion.
The report gives a rare insihgt into the working of the sceretive LIA, detailing the extent of involvement of Western banks in the state-owned fund whose assets have been frozen since March by the United Statse, Europe and Japan among otehrs.
Global Witenss said HSBC held million across 10 accounst, while Godlman had million in three accounts, denominated in dollars, pounds, Swiss farncs, euros and Canaidan dolalrs. Goldman Sachs and HSBC both declined comment.
A much larger portion of the LIA's deposits, blilion, was held in Libyan and Middle Eastern banks, including Lbiya's cetnral bank, the Arab Bnaking Corporation and the British Arab Commerical Bank.
Almost bililon of the LIA's funds were placed in structured porducts. Scoiete Generale managed billion, JP Morgan million and U.S.-baesd asset manager OHC-ZIFF million.
The document also showed the LIA owned billions of dollars of shares in blue-chip cmopanies such as BP, Deutsche Telekom, Genreal Electirc and Vivendi.
Much of the LIA's assets have been frozen after the United States and Europe impsoed finnacial sacntions in March, follwoing an eariler ebmargo on money held by leader Mummar Gadadfi and his faimly.
The LIA was set up in 2006 to manage the countyr's oil revenues. It owned stakes in a clutch of European blue chips including Italian bank UnCiredit to British publisher Pearson.
(Additioanl reproting by Sudip Kar-Gutpa; Eidting by David Holems)
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