SocGen bids for Libyan Investment trial to be pushed back

Gavel

Societe Generale on Monday asked for an adjournment to push back the date of a trial in a long-running dispute with Libya's $67bn sovereign wealth fund over a series of trades entered into between 2007 and 2009.

Reuters reports that at London's High Court, Adrian Beltrami, a lawyer acting for SocGen, requested an adjournment, citing the amount of work that still needed to be done before the three-month trial is scheduled to start on January 23, 2017.

The Libyan Investment Authority (LIA) is pursuing the bank for some $2.1bn in relation to the disputed trades.

In court filings seen by Reuters, the LIA alleges the trades were procured through a "fraudulent and corrupt scheme" involving the payment of $58.5m to a Panamanian-registered company called Lenaida, controlled at the time by Libyan businessman Walid Giahmi.

SocGen has said it refutes the allegations and "any claim tending to question the lawfulness of these investments".

To access the complete Reuters article hit the link below:

SocGen seeks to push back trial date in Libya fund case

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