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Societe Generale to Pay $860 Million to Resolve Criminal Charges in US and France for Bribing Libyan Officials and Libor-Rigging

Societe Generale to Pay $860 Million to Resolve Criminal Charges in US and France for Bribing Libyan Officials and Libor-Rigging

Societe Generale, one of the largest french bank and leading bank in Europe, has agreed to pay $860 Million to resolve criminal charges in the United States and France for bribing Libyan officials and manipulating LIBOR rates.  The bank has admitted to making over $90 million in corrupt payments and manipulating the London InterBank Offered Rate (LIBOR).

” Societe Generale to Pay $860 Million to Resolve Criminal Charges in US and France for Bribing Libyan Officials and Libor-Rigging “

Societe Generale agreed to pay a combined total penalty to the United States authorities of more than $860 million to resolve charges, of which $585 million for a scheme to bribe to officials in Libya and $275 million for manipulation of LIBOR.  In a coordinated settlement between United States and France, $292.5 million (50% of $585 million) of the penalties will be paid to the Parquet National Financier (PNF) in Paris for the Libya corruption scheme.

Between 2004 and 2009, Societe Generale had paid the Libyan Intermediary over $90 million, part of which the Libyan broker had paid to high-level Libyan officials in order to secure the investments from various Libyan state institutions.  As a result, the french bank obtained 13 investments and one restructuring from the Libyan state institutions worth a total of approximately $3.66 billion, earning profits of approximately $523 million.

Between 2010 and 2011, Societe Generale had deflated U.S. Dollar (USD) LIBOR submissions to make it look as though the french bank was able to borrow money at a more favorable interest rates than it was actually able to do.  This downward manipulation allowed Société Générale to create the appearance that it was stronger and more creditworthy than it was.

Source: Official Press Release

 

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