The assets are part of Libya’s sovereign wealth fund, which is administered by the LIA. The Commercial Court proceedings will decide the continuation of the LIA’s £1.9bn battle against Goldman Sachs and French bank Société Générale (SocGen). The LIA claims Goldman executives convinced LIA officials to take on derivatives trades they did not fully understand and pocketed fees. In a second case, it claims Libyan businessman Walid al-Giahmi and SocGen channelled millions of pounds to individuals with links to the Gaddafi regime in Libya before it was overthrown in 2011.

Hogan Lovells partner Charles Brasted, Fountain Court Chambers’ James McClelland and counsel team 4 Stone Buildings’ Jonathan Crow QC is leading advice for the LIA on the application. Herbert Smith Freehills is representing both Goldman Sachs and SocGen.

A directions hearing on the application will be held in the middle of October pending the defendant filing its defence by the end of the month. Source: The Lawyer