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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Comments (7)

  1. Posted by Jeff Mackerel | April 1, 2014 at 11:27 AM

    I bet his thumb smells like tuna.

  2. Posted by Pay 2 Play | April 1, 2014 at 11:36 AM

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

  3. Posted by JGuest | April 1, 2014 at 11:48 AM

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

  4. Posted by Guest #17 | April 1, 2014 at 12:18 PM

    A French bank involved in a bribe scandal? SHOCKING

  5. Posted by Guestido | April 1, 2014 at 2:27 PM

    "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?

  6. Posted by Guest | April 1, 2014 at 3:22 PM

    Shazzy don't play that

  7. Posted by Im_a_Dude | April 1, 2014 at 10:36 PM

    He knows, as does Bess, that almost no one reads his stuff so why bother