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Libyan Wealth Fund Control Dispute Reaches London Court

  • Disagreement mirrors battles for control of Libyan government
  • LIA suing Goldman, SocGen for more than $1 billion each
Updated on

The two men competing for control of Libya’s $67 billion sovereign wealth fund asked a London judge to decide who has the right to oversee lawsuits seeking to recover billions of dollars lost in deals with Societe Generale SA and Goldman Sachs Group Inc.

Abdulmagid Breish, who is based in Tripoli, and Hassan Bouhadi, who wants to lead the LIA from Malta, both argue they are the sole chairman of the fund. Judge William Blair delayed the London court case Monday pending efforts by the Government of National Accord to establish a unified cabinet of ministers in Libya, according to a spokesman for Breish.