Tag Archives | Corruption

Libya Gains one place in Transparency Ranking

By John Lee. Transparency International has said that Libya’s ranking has risen one place its global Corruption Perceptions Index (CPI). From a total of 180 countries, Libya came in at number 170; last year’s position was 171 out of 180 countries. This result puts it on equal ranking with Burundi, behind countries such as Iraq […]

LifeCo Gas Supply Suspended pending Debt Payment

The National Oil Corporation (NOC) has confirmed the suspension of natural gas supply to the Libyan Norwegian Fertiliser Company (LifeCo) pending settlement of unpaid debts. In a statement, NOC said: “NOC management has attempted to resolve the issue through various consultations aimed at rooting out corruption and ensuring operational continuity at LifeCo plants. NOC has […]

Legg Mason to pay $34m to Settle Libya Bribery Case

US-based investment management firm Legg Mason is to pay more than $34 million to the Securities and Exchange Commission (SEC) to settle an investigation into the role one of its former subsidiaries played in bribing officials in Libya. Bankers for the firm paid $26.5 million in bribes between 2004 and 2010 so that Libya would […]

SocGen to Pay $1.3bn to End Libya and Libor Probes

Societe Generale (SocGen) has reached agreements with the U.S. Department of Justice (“DOJ”) and the U.S. Commodity Futures Trading Commission (“CFTC”) to resolve their investigations relating to Societe Generale’s IBOR submissions, and with the DOJ and the French Parquet National Financier (“PNF”) to resolve their investigations relating to certain transactions involving Libyan counterparties. The PNF […]

SNC-Lavalin settles Class Actions over Libya Bribery

Canada’s SNC-Lavalin has announced that it has, subject to required court approvals, reached a settlement agreement in relation to class actions in Quebec and Ontario filed in 2012 on behalf of security holders. The Actions were brought pursuant to the secondary market civil liability provisions in various Canadian securities statutes. The Company has contributed $88M […]

Fund Mgr Fighting to Keep $16m in Libyan Bonuses

By John Lee. Bloomberg reports that a London banker is in a legal fight with the firm he founded, accused of taking more than $16 million in “secret commissions” relating to the management of the Libyan Africa Investment Portfolio (LAIP). FM Capital Partners (FMCP) alleges that Frederic Marino and former Julius Baer banker Yoshiki Ohmura […]

Libya Falls in Transparency Ranking

By John Lee. Transparency International has said that Libya’s ranking has fallen one place its global Corruption Perceptions Index (CPI). From a total of 180 countries, Libya came in at number 171; last year’s position was 170 out of 176 countries. This result puts it ahead of countries such as Afghanistan, Sudan, and Somalia (which […]

Corruption, Crime and Complacency in Libya

“Corruption is the scourge of countries trying to lift themselves out of poverty,” says the British Ambassador to Libya, Peter Millett, in his latest blog. “It holds back investment that can create jobs. And it holds back the development of institutions in which the voice of the people can thrive. Libya was rated 170th out […]