Tag Archives | SocGen

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 […]

LIA Seeks new Fund Managers

Libya’s $66-billion sovereign wealth fund, the Libyan Investment Authority (LIA), said it plans to hire external companies to manage about $11 billion of its assets under a restructuring plan. LIA chairman Abdulmagid Breish told Bloomberg that the company will split its assets into three distinct funds starting as soon as next year: “The LIA is […]

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 […]

Ousted Head of LIA Speaks Out

The departing chairman and chief executive of the Libyan Investment Authority (LIA), Mohsen Derregia, has told Euromoney magazine that he was about to appoint lawyers to seek compensation from banks he has accused in the past of causing losses worth billions of dollars, including Société Générale and Goldman Sachs. He says the LIA had identified […]

Libya Seeks Explanation for $1bn Derivatives Loss

Libya is demanding an explanation from France’s Societe Generale (SocGen) on how its sovereign wealth fund lost about $1 billion on derivative contracts. Mohsen Derregia, the outgoing chairman and chief executive officer of the Libyan Investment Authority (LIA), told Bloomberg: “We have been in contact a number of times but have not received a satisfactory […]