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Libyan Investment Authority accuses SocGen of funneling bribes – report

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17:50 31/03/2014

MOSCOW, March 31 (RAPSI) - The Libyan Investment Authority (LIA) has turned to London’s High Court to accuse Societe Generale of having siphoned bribes to associates of the son of the country’s deceased leader, Muammar Gaddafi, AFP reported Monday.

Societe Generale asserted that the LIA claims were unfounded, according to the report.

A deposition filed on Wednesday reportedly claimed that the French bank paid a minimum of $58 million to Leinada, a company run by an alleged associate of Gaddafi’s son, Saif al-Islam Gaddafi.

LIA claimed that it suffered significant losses after investing $2.1 billion with Societe Generale in derivative trades, according to the report.

"The LIA states that the trades are void or unenforceable because of acts of bribery and corruption. There is no evidence of Leinada providing any legitimate services in relation to any of the disputed trades," the fund, which is seeking $1.5 billion, told AFP in a statement.

The elder Gaddafi had served as leader of Libya for approximately four decades before mass protests began in Libya in mid-February 2011. The protests soon escalated into armed clashes.

On March 17, 2011, the UN Security Council sanctioned military intervention in Libya, allegedly to protect civilians from Gaddafi’s efforts to suppress the opposition.

Gaddafi was captured and killed on October 20, 2011.

On Sunday, The Telegraph reported that Gaddafi’s son Saadi – who has been held without charge in Tripoli since his extradition from Niger earlier in the month – broadcast a very apology on state television for his past indiscretions.

“I apologise to the Libyan people, and I apologise to the dear brothers in the Libyan government for all the harm I’ve caused and for disturbing the security and stability of Libya. I admit that these things were wrong, and we should not have perpetrated these acts,” he said, as quoted by The Telegraph.

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Libyan Investment Authority accuses SocGen of funneling bribes – report

17:50 31/03/2014 The Libyan Investment Authority (LIA) has turned to London’s High Court to accuse Societe Generale of having siphoned bribes to associates of the son of the country’s deceased leader, Muammar Gaddafi, AFP reported Monday.
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