HSBC is facing a U.S. investigation for holding assets on behalf of the Libyan Investment Authority (LIA), Daily Mail reports. In June 2010, HSBC held £182 million of Libya’s assets and that amount rose to £870 million in just three months.
The Securities and Exchange Commission is probing if banks paid Libyan officials in return for managing the North African nation’s money. HSBC invested some £40 billion of oil wealth collected by the Muammar Gaddafi regime.
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