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)
