Report - Societe Generale accused of funnelling bribes

The Libyan Investment Authority has accused Societe Generale of funnelling bribes worth tens of millions of dollars to associates of Saif al-Islam, the son of former Libyan leader Muammar Gaddafi, the Financial Times reported late Sunday.

'Societe Generale contests the unfounded allegations in the Libyan Investment Authority's (LIA) complaint', a spokeswoman for the bank said in an emailed statement, without giving more details.

Reuters reports that the newspaper said the LIA has filed a $1.5bn lawsuit against the bank in London's High Court.

According to the FT, the LIA alleges that SocGen paid at least $58m to Leinada, a Panamanian-registered company, for advisory services related to $2.1bn of derivative trades that the Libyan sovereign wealth fund entered into with SocGen between late 2007 and 2009.

To access the complete Reuters article hit the link below:

SocGen facing bribery lawsuit over Libyan deals

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