Report - Societe Generale accused of funnelling bribes

Pointing The Finger

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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