$585 MILLION FINE FOR SOCIETE GENERALE SA IN FIRST CO-ORDINATED SETTLEMENT OF A LIBYA BRIBERY CASE BY US AND FRANCE

On 5th June, Bloomberg carried a quote saying that the 50/50 split between the countries, shows the US desire to have France be part of the anti-bribery fight.  The article says that US authorities haven’t been shy in fining foreign companies — especially French ones. By contrast French regulators have been notoriously slow and ineffective in their pursuit of international corruption.  Societe Generale – France’s second-biggest bank – paid bribes through a broker to secure the investments from various Libyan state institutions, according to the bank’s admissions detailed in a statement from the DoJ.  In total, SocGen paid the Libyan intermediary more than $90 million.  As a result of the scheme, the bank obtained investments and one restructuring that earned it profits of approximately $523 million, the DoJ said.

https://www.bloomberg.com/news/articles/2018-06-05/socgen-s-585-million-joint-fine-puts-france-on-anti-bribery-map?src=ilaw

 

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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