French bank SocGen agrees with US to pay $1 billion in penalties over bribery, manipulation

socge

France’s second-biggest bank Societe Generale has agreed with the US to pay penalties exceeding $1 billion to settle allegations it bribed officials in Libya, and manipulated the Libor interest rate benchmark.

In a statement issued by the US Department of Justice on Monday, French bank Societe Generale (SocGen) and one of its subsidiaries agreed to pay the penalties to settle the cases. It is also to plead guilty in a New York court on Tuesday in connection with the resolution of the Libyan bribery case.

The bank reached a settlement with authorities in France relating to the Libya corruption scheme to pay a penalty otherwise payable to the US. It is the first coordinated resolution by US and French authorities in a foreign bribery case.

Acting Assistant Attorney General John Cronan said on Monday: “For years, Societe Generale undermined the integrity of global markets and foreign institutions by issuing false financial data and by fraudulently securing contracts through bribery.” …

Read more : DW, 05.06.2018