Mohamed Layas
 Mohamed Layas    (politician, banker) | |
|---|---|
 | |
| Died | 2015 |
| Alma mater | University of Benghazi, Institute of Economic Development |
| Interests | Libyan Investment Authority |
Libyan saving funds manager fleeced by Goldman Sachs | |
Mohammed H. Layas is a prominent Libyan politician and investment banker.
Education
He obtained a Bachelor of Arts degree in Accounting and Business Management from the University of Benghazi, Libya, and a Diploma of the Institute of Economic Development, in Washington.
Politics
Layas has a long history of involvement in Libyan politics, serving as a foreign diplomat for Libya before the 1969 Al-Fatah Revolution which brought Muammar Gaddafi into power. Before the 2011 intervention, Layas was a member of the Libyan governments General People's Committee (GPCO) for Finance.[1]
Banking
Layas has been Chairman and General Manager of the Libyan Arab Foreign Bank, the only bank authorized to conduct international banking transactions during sanctions. Additionally, he has been Deputy Chairman for the British Arab Commercial Bank (BACB) in London, UK until 2004, and the Banque Inter Continentale Arabe, in Paris, France. He was also Director of the Arab International Bank in Cairo, Egypt – in addition to membership on the boards of several other banks and investment companies.
Mr. Layas was Director of Banco Atlántico S.A. in Spain, and he joined the Board of the Bahrain-based Arab Banking Corporation in 2001: Additionally, since 2006 he has been president and chief executive officer of the Libyan Investment Authority.[2][3]
He was also on the board of directors of the Arab Banking Corporation, but left after Gaddafi's ousting.[4]
Fleeced by Goldman Sachs
He was a chairman of the Libyan Investment Authority (LIA), the national savings fund, but was forced out in 2011 due to his position of power under Muammar Gaddafi. [5]
According to a 2010 message from the US embassy in Tripoli, obtained by WikiLeaks, Libya's sovereign wealth fund holds $US32 billion in cash and "several American banks are each managing $US300-500 million".[6]
The revelations were made by Layas, who said most of the $US32 billion was "in bank deposits that will give us good long-term returns".
In 2008, after the sanctions were removed, Goldman Sachs moved in to win a share of the management of the fund. The process involved "providing expensive entertainment", with use of prostitutes and lavish spending on hotels and meals, were the Libyan government later accused Goldman of exerting undue influence over its employees and pushing the fund into improper investments that later led to more than $1 billion in loss.[7]
The fund sued, but in 2016, a London judge ruled in Goldman's favor. Layas died in 2015 and could testify in the case.
References
- ↑ https://web.archive.org/web/20080516212254/http://www.exxun.com/acf_chiefsofstate/Libya/jcf_1.html
- ↑ Annual Report 2001 Arab Banking Corporation
- ↑ http://investing.businessweek.com/research/stocks/private/person.asp?personId=58911886&privcapId=46056598&previousCapId=46056598&previousTitle=Libyan%20Investment%20Authority
- ↑ https://www.bank-abc.com/en/aboutabc/media/press/pages/newgovernoroflibyancentralbankappointedtotheboardofabc.aspx
- ↑ http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11044466/Libyan-Investment-Authority-recruits-World-Bank-exec-to-restore-calm.html
- ↑ https://www.abc.net.au/news/2011-02-25/libya-has-billions-in-us-banks-wikileaks/1956754
- ↑ https://www.nytimes.com/2016/10/15/business/dealbook/goldman-sachs-libya-sovereign-wealth-fund.html
