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

Libya fund sues France’s SocGen for $1.5 bn

Posted on 13 November 2014

Libya’s sovereign wealth fund is suing French bank Societe Generale for $1.5 billion (1.2 billion euros) for allegedly channelling bribes to allies of Moamer Kadhafi’s son, in a case hitting the London courts Wednesday.
The Libyan Investment Authority (LIA) is seeking compensation from the bank and from Walid Giahmi, an alleged associate of Seif al-Islam, for what it says is money that it lost on trades between 2007 and 2009. Libyan dictator Kadhafi was killed in 2011 during a NATO-backed uprising. Seif was long his father’s right-hand man and heir apparent………………………………………..Full Article: Source


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