Societe Generale announced Monday it has agreed to pay fines totaling $ 1.34 billion to put an end to two lawsuits in the United States and France on charges of manipulation of the Libor interbank rate and corruption in Libya.
Of this total, the French bank will pay respectively $ 275 million to the Department of Justice (DoJ) and $ 475 million to the US regulator of derivatives markets (CFTC) to close the dispute related to the manipulation of the interbank rate Libor. Societe Generale was one of the many banks mentioned in this vast deal on the interbank market benchmark between May 2010 and October 2011. Wrong information on this rate had influenced transactions and caused losses in the markets. financial.
The bank will also pay $ 292.8 million to the DoJ and € 250.15 million (about $ 292.8 million) to the National Financial Office (PNF) in France to settle the investigation into alleged facts of corruption in Libya. In a statement, the DoJ said the bank had notably acknowledged having paid $ 90 million to a broker to bribe senior Libyan officials and obtain contracts from public institutions between 2004 and 2009. According to the DoJ, Societe Generale has This resulted in 13 investment mandates and a restructuring contract that generated a profit of approximately $ 523 million.
Societe Generale indicated that the amount of the fines was covered by the provisions allocated to the IBOR and Libyan files and that they will therefore have no impact on the bank’s results.
Source: Reuters, Agefi
