A Libyan businessman has been ordered by the British High Court to disclose additional phone and banking records in relation to the case in which the Libyan Investment Authority (LIA) is pursuing French bank Societe Generale (SocGen) for some $2.1 billion relating to a series of disputed trades. According to Reuters, the LIA claims that SocGen […]
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Tags: Corruption, featured, France, Gaddafi, Lenaida, Libyan Investment Authority (LIA), Panama, SocGen, Societe Generale, United Kingdom, Walid Giahmi
LIA Sues SocGen for $1.5bn
The Libyan Investment Authority (LIA) is reported to be suing French bank Societe Generale (SocGen) in a London court for $1.5 billion for allegedly channelling bribes to allies of Muamar Ghaddafi's son. The $60-billion sovereign wealth fund is seeking compensation from the bank and from Walid Giahmi, an alleged associate of Seif al-Islam, for what […]
Libya’s Top 5 Corruption Scandals
From Transparency International. Renewed factional fighting in Libya has claimed more than 150 lives in the past two weeks. The oil rich country is on the verge of becoming a failed state with a powerless central government. This is the haunting legacy of Muammar Gaddafi’s corrupt regime that has left the country in a state […]
Tags: Corruption, Goldman Sachs, Libyan Investment Authority (LIA), Norway, Panama, SNC Lavalin, SocGen, Societe Generale, Switzerland, Tradition Financial Services, Transparency, Transparency International, Yara
Malta-Bound Ship Accused of Smuggling
A Panamanian-registered cargo vessel, The Levante, has been arrested off the Libyan coast on suspicion of smuggling fuel from Libya to Malta. and now being held in Tripoli. According to Navy spokesman Captain Ayyub Umru Kassim, the ship was discovered to be carrying 400 tonnes of contraband diesel fuel aboard and was heading to Valletta. At […]