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Gaddafi’s Successors Find Fault With Another Of His Banks

Société Générale was, like Goldman Sachs, allegedly much better at coming up bribes than it was as managing the Libyan sovereign wealth fund’s wealth.

Libya’s sovereign wealth fund has filed a $1.5 billion (£901.87 million) lawsuit against Societe Generale, accusing it of funnelling bribes worth tens of millions of dollars to associates of Saif al-Islam, the son of former Libyan leader Muammar Gaddafi.

“Societe Generale contests the unfounded allegations in the Libyan Investment Authority’s (LIA) complaint,” a spokeswoman for France’s second-biggest bank said in an emailed statement, without giving more details….

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

The LIA’s legal filing claims that Leinada did not have the expertise to advise or structure such deals.

SocGen facing bribery lawsuit over Libyan deals [Reuters]

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7 Responses to “Gaddafi’s Successors Find Fault With Another Of His Banks”

  1. Jeff Mackerel says:

    I bet his thumb smells like tuna.

  2. Pay 2 Play says:

    Um… Is this surprising anyone anymore? Corrupt politicians asking for some dough. I wonder what account that comes out of at banks?

  3. JGuest says:

    So anyway I told him I wanted a delicious Italian hoagie for lunch.

  4. Guest #17 says:

    A French bank involved in a bribe scandal? SHOCKING

  5. Guestido says:

    "Société Générale was, like Goldman Sachs, allegedly much better at coming up *with* bribes than it was *at* managing the Libyan sovereign wealth fund’s wealth."

    Jon, you wrote one sentence and you couldn't find the time to check it over?