“We are pleased to win this case, with a comprehensive judgment in our favor,” said Sebastian Howell, a Goldman Sachs spokesman in London.
The Libya government under Colonel Qaddafi had a long history of using the financial system to evade economic sanctions imposed because of links to terror attacks, said Jason Pack, president of Libya-Analysis, a consultancy focused on the country. “The idea they were complete babes in the woods wasn’t really credible,” he said.
During the trial, an LIA employee testified he had never heard of Goldman Sachs, or the word derivative, before joining the fund.
This article was provided by Bloomberg News.