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