Reuters - French bank
Societe Generale (SOGN.PA)
and the Libyan Investment Authority (LIA) have signed a confidential agreement
to settle a legal dispute
regarding a case focused on five trades totaling $2.1
billion, executed between 2007 and 2009.
"Societe
Generale and the Libyan Investment Authority (LIA) jointly announce that they
have signed a confidential settlement agreement that resolves all matters
between both parties concerning five financial transactions entered into
between 2007 and 2009 that have been the subject of legal action in the English
High Court," SocGen said in a statement.
"Societe
Generale wishes to place on record its regret about the lack of caution of some
of its employees. Societe Generale apologizes to the LIA and hopes that the
challenges faced at this difficult time in Libya's development are soon
overcome," added the French bank.
The Libyan
Investment Authority (LIA) had been pursuing SocGen over those five trades,
that took place before Colonel Muammar Gaddafi was ousted as Libyan leader.
The LIA had
claimed the trades were secured as part of a "fraudulent and corrupt
scheme" involving the payment of $58.5 million by SocGen to a
Panamanian-registered company called Lenaida, controlled at the time by Libyan
businessman Walid Giahmi. Lenaida was dissolved in 2010.
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