Tag Archives | SocGen

Legg Mason to pay $34m to Settle Libya Bribery Case

US-based investment management firm Legg Mason is to pay more than $34 million to the Securities and Exchange Commission (SEC) to settle an investigation into the role one of its former subsidiaries played in bribing officials in Libya. Bankers for the firm paid $26.5 million in bribes between 2004 and 2010 so that Libya would […]

SocGen to Pay $1.3bn to End Libya and Libor Probes

Societe Generale (SocGen) has reached agreements with the U.S. Department of Justice (“DOJ”) and the U.S. Commodity Futures Trading Commission (“CFTC”) to resolve their investigations relating to Societe Generale's IBOR submissions, and with the DOJ and the French Parquet National Financier (“PNF”) to resolve their investigations relating to certain transactions involving Libyan counterparties. The PNF […]

LIA-Tripoli Chairman Hits Out at Steering Cmte

By John Lee. The Chairman of the Libyan Investment Authority (LIA) in Tripoli has said hit out at a recent press release from Ali Hassan Mahmoud, the purported Chairman of the Administrative Committee (Steering Committee) of the LIA, saying it "is full of inconsistencies and a major failure to adhere to best-practice reporting of financial […]

UK Investigator Seeks Libya Files From SocGen

By John Lee. The UK's Serious Fraud Office (SFO) has reportedly sought documents from Societe Generale (SocGen) regarding its relationship with the Libyan Investment Authority (LIA). Last week, the French banking giant agreed to pay 963 million euros ($1.1 billion) as part of the agreement between the two companies to resolve all matters between them concerning […]

SocGen to pay $1.1bn to end LIA Law Suit

By John Lee. French banking giant Societe Generale (SocGen) and the Libyan Investment Authority (LIA) have announced that they have resolved all matters between them concerning the disputed financial transactions that have been the subject of long-running legal action in the English High Court. According to the joint statement, the terms of the settlement are […]

Goldman Sachs wins $1.2bn LIA Court Case

By John Lee. A court in London today ruled that the Libyan Investment Authority (LIA) has lost its case against Goldman Sachs. The LIA had alleged that Goldman executives exerted undue influence over its officials regarding a series of transactions through which the fund claims to have lost more than $1 billion. Goldman is reported […]

LIA on Track to Recover Wealth of the Libyan People

By Sami Redwan, Economics and Business Commentator, Tripoli. Any opinions expressed are those of the author, and do not necessarily reflect the views of Libya Business News. LIA on track with multi-million dollar litigations to recover wealth of the Libyan people Things are uncertain at the moment, even by Libya’s standards. Key terminals in Libya’s […]

GNA-appointed LIA Steering Cmte meets in Tunis

Dr Ali Hassan Mahmoud, the President of the GNA-appointed Steering Committee of the Libyan Investment Authority (LIA), hosted on Sunday what was described as "the first truly integrated and fully attended meeting of the Libyan sovereign wealth fund ... since July 2014". Welcoming executive management from the LIA’s two office in Tripoli and Malta and […]