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Sovereign fund of Libya of Libyan Investment Authority accused the French bank Societe Generale of
bribery and the subsequent unprofitable investment of funds of financial institution, writes The Wall Street Journal. The claim is submitted to High court of London. Societe Generale, in turn, called all charges unreasonable According to the plaintiff's statement, Societe Generale paid the third party (to the Panama company Leinada which was controlled by the Libyan businessman Waleed Dzhiami) 58,5 million dollars to guarantee receiving under management of 2 billion dollars of fund. These means were used then in operations with difficult derivatives which didn't make for fund profit. The Libyan fund demands to cancel the specified transactions because of which it lost about a half of invested funds. Activity in Libya Societe Generale, and also the largest American Investbank of Goldman Sachs, began since 2011 when the former head of the country Muammar Gaddafi was overthrown and killed during revolution. In particular, investigation which proceeds still, the American Commission on securities and the exchanges (SEC) was engaged. The French bank denies communications directly with Leinada, but recognized that used intermediaries from the third countries for transactions with the states where it has no representations. At the same time he specified that these intermediaries completely conformed to all requirements imposed by regulators. Societe Generale is the third on the volume of assets bank in France. Following the results of 2012 its revenue made 23,1 billion euro.
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