Tag Archives | Corruption

SocGen Faces Libya Bribery Claims

French bank Société Générale (SocGen) is alleged to have paid $58 million in bribes to a friend of the Qaddafi family to secure almost $2 billion in business from Libya's main sovereign wealth fund, the Libyan Investment Authority (LIA). The LIA said in a $1.5 billion lawsuit that the payments to a Panama-based company owned […]

Former SNC-Lavalin Execs Face Charges

The Royal Canadian Mounted Police has filed criminal charges against two former senior executives of the Canadian engineering company SNC-Lavalin. According to press reports, former executive vice-president Sami Abdallah Bebawi has been charged with fraud over $5,000, two counts of laundering proceeds of crime, four counts of possession of property obtained by crime and with […]

Yara Ex-CEO Indicted for Libya Corruption

Bloomberg reports that Four members of Yara International’s former management team have been indicted for gross corruption in Libya and India. The fertilizer maker’s former CEO Thorleif Enger was charged alongside ex-upstream head Tor Holba, former Chief Operating Officer Daniel Clauw and ex-Chief Legal Officer Kendrick Wallace, Norway’s the Norwegian National Authority for Investigation and […]

France Launches Probe into Total Contract

French judges have reportedly opened a corruption probe into French oil group Total's activities in Libya during the Gaddafi regime. According to Expatica France, a September 2009 payment of $9.8 million that Total made to the Liechtenstein-based North Global Oil and Gas Company (NGOC) was a first downpayment on what was planned as a much bigger […]

Libya Falls Sharply in Corruption Perceptions Index

Transparency International has said that Libya has fallen 12 places in its global Corruption Perceptions Index (CPI). From at total of 177 countries, Libya came in at number 172, putting it in 6th-last position. This result puts it ahead of countries such as Sudan, South Sudan, and Somalia (which came last), and just behind Iraq, […]

30 Applications to Head Central Bank

Libya Herald reports that 16 candidates have been nominated for the governorship of the Central Bank of Libya, with a further 14 nominated for the deputy governorship. Among those proposed as governor are Ali Tarhouni, the economy minister in the first post revolution administration led by Mahmoud Jebril under the National Transitional Council. A shortlist […]

Libya’s Pursuit of Lost Billions ‘in Limbo’

The head of the Libyan Investment Authority (LIA) has told the Financial Times that his efforts to recoup billions of dollars lost through sales of derivatives by Goldman Sachs and other financial institutions are now “in limbo” after the country’s prime minister moved to sack him last week. Mohsen Derregia, head of the sovereign wealth […]

LIA Cooperates With SEC on Goldman Probe

The Libyan Investment Authority (LIA), the country's sovereign-wealth fund, is reportedly helping the US's Securities and Exchange Commission’s bribery probe into Goldman Sachs. According to The Wall Street Journal, the fund is cooperating with the SEC on an investigation into whether Goldman violated American anti-corruption laws, after the fund lost 98 percent, or $1 billion, […]