Societe Generale nears payment to settle Libya bribery case

BY Libyan Express May 03, 2018 - 17:29

Societe Generale hopeful to resolve Libya investigations within weeks [Photo: Internet]

Societe Generale is nearing an agreement to pay as much as $1 billion to resolve two U.S. probes — into the rigging of benchmark interest rates and allegations of bribery in Libya — according to people familiar with the matter reported by Bloomberg.

Bloomberg said that the settlement deals with the U.S. Justice Department, which the people said could be announced as soon as this week, would end years of scrutiny that led to rate-rigging charges against Societe Generale bankers and the departure of deputy CEO Didier Valet in March.

The bank has agreed to pay about $800 million in penalties to U.S. and French authorities, one of the people said.

The bank may also have to pay a penalty to the Commodity Futures Trading Commission, the people said, according to Bloomberg.

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