Tag Archives | Corruption

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 […]

Murder of Maltese Journalist possibly Linked to Libyan Smuggling

By John Lee. A senior Italian prosecutor has said that there are possible links between the murder of investigative journalist Daphne Caruana Galizia (pictured) in Malta last week, and an Italian investigation into an illicit fuel-smuggling network spanning Libya, Malta and Italy. Carmelo Zuccaro, who is leading the fuel-smuggling inquiry, told the Guardian he “could […]

Italy Breaks Up Libyan Fuel Smuggling Ring

By John Lee. Italian authorities have reportedly broken up a mafia-related Libyan fuel-smuggling ring, in which at least 30 million euros of diesel was sold around Europe. According to the report from Reuters, the fuel had been stolen from National Oil Corporation (NOC) at refinery in Zawiya, transferred to a larger ship off the coast […]

PM Serraj calls for Elections in March

By John Lee. In a major speech setting out his vision for Libya, the head of Libya’s Presidency Council, Fayez Al-Sarraj [Faiez Serraj] has called for parliamentary and presidential elections in March 2018. In what has been described as a road map to unify the country, the leader of the Government of National Accord (GNA) […]