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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910-carat Diamond “The Lesotho Legend” Sold for $40 million in Belgium

910-carat Diamond “The Lesotho Legend” Sold for $40 million in Belgium

A 910-carat diamond known as “The Lesotho Legend” had been sold for $40 million in a tender on 12th March 2018 in Antwerp, Belgium.  The 910 carat diamond, classified as a D color, Type IIa diamond, with the highest color and quality ratings, was sold by Gem Diamonds to an undisclosed buyer.

” 910-carat Diamond “The Lesotho Legend” Sold for $40 million in Belgium “

“The Lesotho Legend” diamond, named after the country it was founded, was uncovered from the mountain area Letšeng strip mine in Lesotho, South Africa.  It is the fifth largest gem quality diamond ever recovered.

70% of the Letseng mine is owned by Gem Diamonds.  The Letseng mine location is known for its production of white diamonds.

Source: USA Today, CNBC, Official Press Release

 

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About Gem Diamonds:

Gem Diamonds is a leading global diamond producer of high value diamonds. The Company owns 70% of the Letšeng mine in Lesotho and 100% of the Ghaghoo mine in Botswana. The Letšeng mine is famous for the production of large, top colour, exceptional white diamonds, making it the highest dollar per carat kimberlite diamond mine in the world.

Visit: www.gemdiamonds.com

 

 


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Former South Africa President Jacob Zuma Faces Corruption Charges in Arms Deal

Former South Africa President Jacob Zuma Faces Corruption Charges in Arms Deal

Former South Africa President Jacob Zuma is facing corruption charges for being involved in a $2.5 billion (ZAR 30 billion – South African Rand)  arms deal in the late 1990s.   He is expected to be face 16 charges including racketeering, corruption, money laundering and fraud charges, and may face lengthy sentences if convicted.

“ Former South Africa President Jacob Zuma Faces Corruption Charges in Arms Deal “

On 14th February 2018, the former President Jacob Zuma was forced to step down by the African National Congress (ANC).  Born in 1942, he became President of South Africa in 2009 and served for almost 9 years till 2018.  South Africa has an economy of $295 billion in 2016, that is as large as Singapore ($297 billion) and Malaysia ($296 billion).  His deputy Cyril Ramaphosa, became the new President of South Africa on the 15th of February 2018.

In 2016, the then South Africa President Jacob Zuma was forced to return some money for using state funds for multimillion upgrades to his private house.

Sources: BBC, NY Times, The Guardian

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Expedia CEO is Now CEO of Uber

Expedia CEO is Now CEO of Uber

Uber has appointed the CEO of Expedia, Dara Khosrowshahi, as the new CEO to lead world’s largest ride-sharing technology company.  He takes over the responsibilities from Travis Kalanick, who was ousted in June 2017.

” Uber appoints CEO of Expedia as New CEO “

In an internal meeeting, his plans include doing an IPO in 18 months to 36 months time.  In 2005, he became CEO of Expedia, which he built into one of the world’s leading travel and technology companies, now operating in more than 60 countries.

Source: Uber, South China Morning Post

 

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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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Goldman Sachs Wins 1 Billion Battle with Libya Sovereign Wealth Fund

Goldman Sachs Wins 1 Billion Battle with Libya Sovereign Wealth Fund

Goldman Sachs has won the $1 billion lawsuit lodged by Libyan Investment Authority after a High Court judge in London rejected claims of the undue influence the US bank had used over the wealth fund.

“Libyan Investment Authority alleged that Goldman Sachs pushed the bank into risky trades and while they lost its entire $1.2 billion investment. Goldman Sachs made $200 million in profits. “

~ Financial Times

During the trial, the LIA emphasized on the activities of a Goldman banker named Youssef Kabbaj and the bank’s relationship with the Libyan wealth fund, which had been set up by former dictator Muammer Gaddafi with $65bn of assets. Libyan Investment Authority alleged that Goldman Sachs pushed the bank into risky trades and while they lost its entire $1.2 billion investment. Goldman Sachs made $200 million in profits.

Related Reports: Financial Times, Bloomberg

 

About Goldman Sachs

The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Visit: Goldman Sachs

 


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Goldman Sachs Bankers Accused of Hiring Prostitutes to Win Libyan Business

Goldman Sachs Bankers Accused of Hiring Prostitutes to Win Libyan Business

Goldman Sachs bankers have been accused of paying for prostitutes, private jets and five star hotels and held business meetings on yachts to win business from a Libyan investment fund set up under Gaddafi regime.

“The LIA lost almost all its investment through the trades, while Goldman Sachs generated profits of over more than $200million from the trades. “

~ The Guardian

The Libyan Investment Authority (LIA) was set up in 2006 to invest the country’s oil wealth as its status from a pariah state was being lifted. Lawyers for LIA are claiming for losses on nine trades that Goldman Sachs executed between January and April 2008. The LIA lost almost all its investment through the trades, while Goldman Sachs generated profits of over more than $200million from the trades.

Related Reports: The Guardian, Daily Mail

 

About Libyan Investment Authority

The Libyan Investment Authority (LIA) is the sovereign wealth fund of Libya. It was established in 2006 and, in accordance with law No (13) of 2010, aims to develop and maximise state revenue surpluses to achieve three goals:

Create a diversified source of wealth for Libya’s future generations by investing internationally with a sustainable, long-term view.

  • Stimulate Libya’s economy through major, transformational private sector projects
  • engaging international expertise through joint ventures and knowledge transfer.
  • Provide stability against volatile oil revenues and government budget shortfalls.

Visit: Libyan Investment Authority


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