PARIS May 4 French bank Societe Generale
and the Libyan Investment Authority (LIA) have signed
a confidential agreement to settle a legal dispute regarding a
case focused on five trades totalling $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
apologises 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.
(Reporting by Sudip Kar-Gupta; Editing by Stephen Coates)