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 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


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

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