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SocGen Made Improper Payments to Qaddafi Associate, LIA Says 2014-03-31 07:34:30.103 GMT
By Kit Chellel March 31 (Bloomberg) -- The Libyan Investment Authority said Societe Generale paid bribes of about $58 million to a family friend of the country’s former ruler in relation to investments at the center of the sovereign wealth fund’s $1.5 billion U.K. lawsuit against the French lender. * LIA today released further details and court documents from lawsuit filed in London Mar. 7 NSN N234V76TTDS9 <GO> * SocGen paid Panama-based co. controlled by Walid Giahmi, a friend of Muammar Qaddafi’s son Saif, for advisory services that weren’t needed, LIA said in statement * LIA seeking to have loss-making investments made between 2007 and 2009 declared void because of “acts of bribery and corruption,” according to statement * LIA chairman AbdulMagid Breish: “This claim, together with the one against Goldman Sachs that was initiated in January 2014, reflects the desire of the LIA’s new board of directors to redress previous wrongs and seek the recovery of these substantial funds as it seeks to invest and generate wealth for the people of Libya.” * Three spokesmen for SocGen in France didn’t immediately respond to an e-mail seeking comment. * NOTE: Libya Fund Says Goldman Made $350 Million on ‘Worthless’ Trades NSN N07TX26K50ZE <GO>
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To contact the reporter on this story: Kit Chellel in London at +44-20-7392-0668 or cchellel@bloomberg.net To contact the editor responsible for this story: Anthony Aarons at +44-20-7673-2227 or aaarons@bloomberg.net