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SocGen to Pay Nearly 1 Billion Euros to Settle Dispute with Libyan Wealth Fund

SocGen to Pay Nearly 1 Billion Euros to Settle Dispute with Libyan Wealth Fund

Societe Generale has agreed to pay nearly 1 billion Euros to settle a dispute with Libyan Investment Authority (LIA). The bank reached a settlement over LIA allegations that trades were secured as part of a “fraudulent and corrupt scheme” involving payment of US$58.5 million to a Panamanian registered company.

“This Libyan settlement does not mark the end of SocGen’s legal issues, with the bank still in talks with US authorities.”

~ Reuters

This Libyan settlement does not mark the end of SocGen’s legal issues, with the bank still in talks with US authorities over dollar transfers it made on behalf of entities based in countries subject to economic sanctions.

Related Reports: Reuters, Financial Times

About Societe Generale

Societe Generale has been playing a vital role in the economy for 150 years. With over 1,54,000 employees, based in 76 countries, we accompany 32 million clients throughout the world on a daily basis. Societe Generale’s teams offer advice and services to individual, corporate and institutional customers in three core businesses.

Visit: Societe Generale

 


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