Libyan Wealth Fund Says Societe Generale Paid $58.5 Million in Alleged Bribes

Libya’s sovereign wealth fund, the Libyan Investment Authority (LIA), is accusing France’s second largest bank Societe Generale SA, of channeling bribe money to secure business. The LIA accuses Societe Generale of paying a middleman, a Panamanian-registered company called Leinada Inc., US$ 58.5 million in alleged bribes to secure nearly US$ 2 billion in business from the LIA. Leinada is controlled by Walid Ali Giahmi, a Libyan businessman who had close ties to the Gaddafi family. Giahmi’s lawyer stated the bribery accusations are “completely false.”

The LIA initiated claims in January 2014 against Goldman Sachs and Societe Generale to rectify previous wrongs and recover money. The wealth fund has filed a US$ 1.5 billion lawsuit in London against Societe Generale.

In response, Societe Generale contests the allegations from the LIA complaint.

The case is The Libyan Investment Authority v. Societe Generale S.A, 14-260, High Court of Justice Queens Bench Division, Commercial Court.

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