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The Libyan Investment Authority v Societe Generale Sa and Others; ComC 9 Mar 2016

References: [2016] EWHC 375 (Comm)
Links: Bailii
Coram: Teare J
Ratio ‘Whilst a bloody civil war rages in Libya the Claimant, the Libyan Investment Authority (‘the LIA’), has commenced proceedings alleging that certain trades, which involved the payment of US$2.1 billion by the LIA to Societe Generale SA (‘SocGen’) and its affiliates, the First to Fourth Defendants, were part of a fraudulent and corrupt scheme involving the payment of US$58.4 million by SocGen to Mr. Al- Giahmi, the Fifth Defendant, via Leinada Inc. (the Sixth Defendant), a Panamanian company owned and controlled by the Fifth Defendant. It is alleged that certain employees and officers of the LIA were influenced by the payment of bribes and the making of intimidatory threats to cause the LIA to enter the disputed trades. It is said that the Fifth Defendant was able to effect this scheme through his links with the Gaddafi regime. These allegations are denied by all of the Defendants.’

Last Update: 26-Apr-16
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