LIA Sues SocGen for $1.5bn

The Libyan Investment Authority (LIA) is reported to be suing French bank Societe Generale (SocGen) in a London court for $1.5 billion for allegedly channelling bribes to allies of Muamar Ghaddafi's son.

The $60-billion sovereign wealth fund is seeking compensation from the bank and from Walid Giahmi, an alleged associate of Seif al-Islam, for what it says is money that it lost on trades between 2007 and 2009.

AFP reports that the fund accuses the French bank of paying at least $58 million to Leinada, a Panamanian-registered company run by Giahmi.

SocGen denies the claims.

(Source: AFP)

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