Société Générale to pay huge settlement regarding dealings with Gaddafi regime
France’s second-biggest bank, Société Générale, has agreed to pay €500m to settle inquiries in the US and France into its dealings with the regime of slain Libyan dictator Muammar Gaddafi, prosecutors said Monday. The French financial prosecutor’s office said the bank had agreed to pay €250m each to France and the US to avoid corruption trials on either side of the Atlantic. Société Générale itself announced earlier that it reached agreements to settle the Libya investigations as well as a separate US investigation into its alleged rigging of the London Interbank Offered Rate (Libor) interest rates. The bank did not say how much it had paid in total but that it had already provided for the cost and that it would have "no impact on Societe Generale’s results". In May, it said it had set aside €1bn to settle the disputes. Libya’s sovereign wealth fund, the Libyan Investment Authority (LIA), had accused Société Générale of channelling bribes to associates of Gaddafi’s son Seif al-Islam...
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