That is including the co-operation with the US Securities and Exchange Commission which is investigating whether Goldman Sachs and other financial companies violated US bribery laws in their dealings with the LIA
before the end of the Gaddafi regime in 2011.
Casablanca-based Saham Group -- an insurance holding company that boasts a presence in 15 African countries (including Morocco) through its ownership of 20 insurance companies, one reinsurance company and two support companies -- acquired an 81 percent capital stake in LIA
under the terms of the deal unveiled Wednesday at the Beirut Bank Audi headquarters.
The cable said that LIA
controlled at least seven subsidiary operations.
The majority of samples with reactivity toward Ro60 on LIA
also showed the SSA pattern on HEp-2000.
As a shareholder, the LIA
is hopeful that is can direct major corporations to invest when stability returns to Libya.
The legal papers also note that the trades were inadequately documented by Goldman Sachs, with the details of the actual trades undertaken being provided to the LIA
weeks (and in some cases months) after the trades were executed.
Derregia said the LIA
intends to keep its stake in Italian lender UniCredit, despite his plans to reduce the fund's exposure to the financial sector, as it thinks the bank's value could rise considerably in the future.
The statement said that LIA
Insurance is one of the leading insurance companies in Lebanon.
Layas also said that the LIA
was at the time entangled in a legal battle with Lehman Brothers "due to a major investment that was mismanaged".
Libya's strong balance sheet, partly thanks to LIA
, compares favourably with Egypt and Tunisia, where turmoil prompted changes in the governments.
On or before October 20 the LIA
will escrow funds or establish an irrevocable letter of credit or bank guarantee arrangement for the purchase of Verenex at the time the definitive agreement is signed.
The litigations were earlier managed by a committee that was not subject to the institutional governance arrangements of the LIA