Goldmans and HSBC 'stored $335m of funds for Libya'

Goldman Sachs and HSBC are two of the banks that stored funds for Libya's government investment fund under Muammar Gaddafi, according to reports.

The US investment banking giant had around $44m as of the end of June last year while HSBC had around $292.7m, according to documents posted on advocacy group Global Witness' website by a Libyan authority, Bloomberg reports. The country's state fund, of which Gaddafi is still in control, lost about 4.5% from the previous quarter, meaning total assets fell to $53.3bn. The fund saw its investments in equity derivatives - with a value of around $1.25bn - drop 98% in value to $19.9m as of 30 June. Almost $3.9bn was held in structured products with hedge funds and investment banks, with...