This truly is fascinating. Imagine the indignation the c level execs feel now, being sued by nomadic desert people from a sparsely populated, unstable place like Libya. The one caveat, however, is that these barbarous savages control Libya’s $67 billion sovereign wealth fund, essentially money stolen by Gaddafi from the Libyan people. It’s worth noting, however, that infighting for control of the fund is ongoing in British courts (extra Bleak House). The funds have been frozen since Gaddafi was ousted 4 years ago.
Now the fund is going after all of the fuckers who did business with Gaddafi. In the case with Socgen, they claim $58.5 million in bribes were paid to a Panamanian based company to curry the favor of Gaddafi and the wealth fund.
In the ongoing litigation, the Libyan Investment Authority (LIA) is pursuing Societe Generale for some $2.1 billion in relation to a series of disputed trades, including derivatives, entered into between late 2007 and 2009, before Colonel Muammar Gaddafi was ousted.
The hearing may provide an update on the timing of the case, which was expected to go to trial in January 2017.
The LIA claims Societe Generale paid at least $58.5 million to a Panamanian-registered company called Lenaida for advisory services related to the disputed trades.
At the time, Lenaida was controlled by Libyan businessman Walid Giahmi, who is said to have been close to Gaddafi’s son Saif. Giahmi is also named as a defendant in the suit.
On April 8, 2014, the U.S. Department of Justice served Societe Generale with a subpoena requesting it produce documents relating to transactions with Libyan entities and individuals, including the LIA.
Societe Generale said it was cooperating with the U.S. authorities.
In regard to Goldman Sachs, the LIA merely states that Goldman conducted $1 billion in trades that were both ‘unsuitable and ultimately worthless.’
Goldman vehemently denies the allegations. I am sure they believe the trades were entirely suitable.
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Goldman churning and burning.
Same manner a broker would do,except on a much bigger scale. After all, the client was an idiot with Billions to flip. Guilty as they are, nothing will happen. It’s Goldman silly.
Regards
Chuck Bennett
“The funds have been frozen since Gaddafi was ousted 4 years ago.” and no doubt being leveraged 10:1 in whatever TBTF bank is holding them.
Now that Congress wants to sue the desert people in Saudi, the desert people in Libya want to sue Socgen and Goldman.
That’s the problem with being a big honcho, like the U.S. is. You want to dominate people and make them do your will. But they don’t want to follow your instructions. They want to follow your role model instead. If the U.S. thinks suing people is a good idea, then Libya thinks so too.
Maybe it really is a good idea. Who knows what good or bad will come out of this for Libya?