In a hearing at the London High Court, Libya’s sovereign wealth fund – Libyan Investment Authority (LIA) – has accused the bankers of paying for prostitutes, private jets and five-star hotels and holding business meetings on yachts all in order to win a business during the Gaddafi regime in 2006.
The business was worth USD 67 billion.
Libya had sued Goldman in 2014 claiming that the bank “took unfair advantage” of then Libya’s bankers who were not selected on merit.
The office of Goldman Sachs in London. varchevbrokers
In its defence, Goldman claims that the “LIA was the victim of an unforeseen financial depression, not of any wrongdoing by the bank”.
According to reports, the trial would last for eight weeks at least and might hurt the bank’s reputation besides creating a big problem for CEO Lloyd Blankfein.
Some redditors posted their own experiences of having a “gala time” paid for by their companies.