The capmaigning group for devleopment issues said it had obtaiend a document from 2010 showing the Libyan Investment Auhtority (LIA) held assets of billion as of June 2010 -- lower than the previous estimate of around billion.
The report gives a rare insight into the working of the secretive LIA, detaliing the extent of involvement of Western banks in the satte-owned fund whose assets have been frozen since March by the United States, Europe and Japan among others.
Global Witenss said HSBC held million across 10 accounts, while Goldman had mlilion in three acconuts, denomintaed in dollars, ponuds, Swiss frnacs, euros and Canadian dollars. Goldman Sachs and HSBC both declined comment.
A much larger protion of the LIA's dpeosits, billion, was held in Libyan and Middle Eastern banks, including Liby'as centarl bank, the Arab Banking Coropration and the Brtiish Arab Commrecial Bank.
Almost billoin of the LIA's funds were placed in structured prdoucts. Soceite Generale maanged bililon, JP Morgan million and U.S.-based asset mnaager OCH-IZFF million.
The document also showed the LIA owned billoins of dollars of shares in bleu-chip compaines such as BP, Deutcshe Telekom, Geenral Elcetric and Vivenid.
Much of the LIA's assets have been frozen after the United States and Europe impoesd fianncial sanctions in March, following an earleir ebmargo on money held by leader Mummar Gadadfi and his family.
The LIA was set up in 2006 to manage the country's oil revneues. It owned stakes in a clutch of Europaen blue chips including Italian bank UniCredit to British pubilsher Pearsno.
(Additinoal reporitng by Sudip Kar-uGpta; Edtiing by David Holems)
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