News

SocGen pays over $1 billion to settle claim by Libyan Investment Authority

05/05/17, Commercial

The Libyan Investment Authority’s long-running claim against Societe Generale has come to an end, on the eve of a 14 week trial, with SocGen agreeing to pay $1,050,000,000 to settle the dispute.

The claim raised allegations of corruption and bribery in Gaddafi’s Libya. The LIA alleged that SocGen made corrupt payments of c$58 million to a Libyan intermediary, to procure the LIA to enter into a series of complex financial derivatives.

In addition to paying the c$1 billion settlement,  SocGen apologised to the LIA and expressed “regret about the lack of caution of some of its employees”.

 

Mark Howard QC, Roger Masefield QC, Richard Blakeley and Craig Morrison acted for the LIA during the proceedings, instructed by Enyo Law LLP.

« Back to news listings


About cookies on our website

Following a revised EU directive on website cookies, each company based, or doing business, in the EU is required to notify users about the cookies used on their website.

Our site uses cookies to improve your experience of certain areas of the site and to allow the use of specific functionality like social media page sharing. You may delete and block all cookies from this site, but as a result parts of the site may not work as intended.

To find out more about what cookies are, which cookies we use on this website and how to delete and block cookies, please see our Which cookies we use page.

Click on the button below to accept the use of cookies on this website (this will prevent the dialogue box from appearing on future visits)