A coldman sachs executive at the centre of a US$1.2bn claim brought by Libya's sovereign wealth fund has denied allegations he paid for "improper entertainment" for a relative of a key decision-maker at the fund. Youssef Kabbaj, a former Goldman Sachs sales team executive, also said all his expenses linked to the Libyan Investment Authority had always been signed off by at least two senior partners at the bank and fully reimbursed by Goldman. In a trial at London's High Court that began last week, the US$67bn LIA is attempting to claw back US$1.2bn from nine trades it carried out with Goldman Sachs in 2008. At the time, Libya was headed by Colonel Muammar Gaddafi, who was overthrown in 2011. The case is expected to shine a light on the way some investment banks conducted business with Gaddafi's regime, doing deals that generated large fees, but which the Libyans say did little to benefit the oil-rich state's sovereign wealth fund.
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