Gaddafi's fund has only 0.1% stake in ICICI Bank
Sources in ICICI Bank said that the sovereign wealth fund had acquired stake by purchasing American Depository Receipts in the international market.
By TNN | Updated:
MUMBAI:Libyan dictator Muammar Gaddafi's sovereign wealth fund holds around 0.1% stake in ICICI Bank. Global Witness, an international NGO which works at exposing exploitation and conflict arising out of attempts to control natural resources, last week disclosed the holding of the Libyan Investment Authority as on June of last year. Among various investments in global giants, there is a small $29.6 million investment in ICICI Bank which was worth $31 million in June 10.
Sources in ICICI Bank said that the sovereign wealth fund had acquired stake by purchasing American Depository Receipts in the international market. However, ICICI Bank has little say in the choice of investors who chose to purchase shares either directly or by participating in a fund.
Bulk of the sovereign wealth fund's investment is in deposits, which includes international banks like HSBC and Goldman Sachs. Although the investments are made by the fund, the Gadaffi family has significant control over state funds and the prosecutor of the International Criminal Court has said that Gadaffi has made no distinction between personal assets and the country's resources. According to a report on the website of the NGO, the fund has a market value of $53 billion, of which $5 billion is invested in equities. The equity investments are in global giants, including Unicredit SPA, Siemens AG, Pearson Plc, MMC Norilsk Nickel and BASF.
It also has non-strategic investments in companies such as Ageas, General Electric, Allianz Ag-reg, Bayer AG, Telefonica, BP Plc and big names like Deutsche Telekom, Vodafone and Citigroup. ICICI Bank is the only Indian entity on the list. Banking sources said that they have not been sounded out on the list published by RBI of entities they are not supposed to do business with.
Sources in ICICI Bank said that the sovereign wealth fund had acquired stake by purchasing American Depository Receipts in the international market. However, ICICI Bank has little say in the choice of investors who chose to purchase shares either directly or by participating in a fund.
Bulk of the sovereign wealth fund's investment is in deposits, which includes international banks like HSBC and Goldman Sachs. Although the investments are made by the fund, the Gadaffi family has significant control over state funds and the prosecutor of the International Criminal Court has said that Gadaffi has made no distinction between personal assets and the country's resources. According to a report on the website of the NGO, the fund has a market value of $53 billion, of which $5 billion is invested in equities. The equity investments are in global giants, including Unicredit SPA, Siemens AG, Pearson Plc, MMC Norilsk Nickel and BASF.
It also has non-strategic investments in companies such as Ageas, General Electric, Allianz Ag-reg, Bayer AG, Telefonica, BP Plc and big names like Deutsche Telekom, Vodafone and Citigroup. ICICI Bank is the only Indian entity on the list. Banking sources said that they have not been sounded out on the list published by RBI of entities they are not supposed to do business with.
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