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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal

Libyan sovereign wealth fund set to sue SocGen in alleged bribery case

Posted on 25 August 2014

Société Générale has decided against filing a summary judgment application in the UK High Court over its earlier plea to have a bribery-linked lawsuit filed against it by Libya’s sovereign wealth fund to be dismissed.
The Libyan Investment Authority, which apparently oversees assets worth almost $60bn, has charged SocGen with paying about $58m in bribes to influential members of the erstwhile Gaddafi regime - including senior LIA executives - to smooth over transactions that cost the state-backed fund hundreds of millions of dollars………………………………………..Full Article: Source


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