Report: Banks held billions of Libya funds

[May 26, 2011]  LONDON (AP) -- A British lobbying group has released a leaked document showing that several major investment banks, including HSBC, Goldman Sachs, Societe Generale and Nomura, held billions of dollars of Libyan state funds.

The internal report for the Libyan Investment Authority leaked to London-based Global Witness on Thursday shows that the world's biggest banks held more than $5 billion in accounts for Libyan leader Moammar Gadhafi's government investment fund.

The report is dated June 30, 2010. Many of the Libyan Investment Authority's assets have been frozen under international sanctions since February.

HSBC didn't immediately return a call seeking comment.

Global Witness says banking regulators should investigate whether state funds were diverted for Gadhafi's personal benefit.

[Associated Press]

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