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Home Investment

US Probes Investment Firms over Libya Ties

4th February 2014
in Investment, Security
US Probes Investment Firms over Libya Ties
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The US Department of Justice (DOJ) is conducting a criminal investigation into a number of financial services firms over potential breaches of anti-bribery laws in dealings with the Libyan Investment Authority (LIA), the nation’s sovereign wealth fund.

The Wall Street Journal reports that firms under the spotlight include private equity firm Blackstone Group, Goldman Sachs, Credit Suisse, JPMorgan Chase & Co, Societe Generale and Och-Ziff Capital Management.

The firms are reportedly being investigated for contravening the Foreign Corrupt Practices Act, utilising “fixers” to build contacts with Libyan officials.

The LIA is sueing Goldman Sachs in London over investments worth more than $1 billion.

(Source: Wall Street Journal)

Tags: Blackstone GroupCredit SuisseGoldman SachsJPMorgan ChaseLibyan Investment Authority (LIA)Och-ZiffSociete GeneraleUnited States

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