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 | Investigations Dataset

Stanford Foreign Corrupt Practices Act Clearinghouse a Collaboration with Sullivan & Cromwell LLP

Investigations Dataset

 
Investigation into Societe Generale's Activities in Libya · Societe Generale S.A.

Information & Summary

Investigation into Societe Generale's Activities in Libya

Related FCPA Matter:   Societe Generale and Legg Mason's Involvement in Libya between 2004 and 2011 Information

Information & Summary

Investigation Name:    Investigation into Societe Generale's Activities in Libya

Trend:    None

Type of investigation:    SEC, DOJ

Other Agencies Investigating/Assisting with SEC/DOJ Investigation:   

  • French National Financial Prosecutor
  • Libyan Investment Authority

Whistleblower:    Unknown

Summary

Societe Generale S.A. is a global financial services company headquartered in Paris, France. Its stock is traded in the U.S. on the OTC Market.

In an update to its 2014 registration statement issued on May 7, 2014, Societe Generale disclosed that the Libyan Investment Authority ("LIA") had brought proceedings against the company in England alleging corruption in Libya. Shortly thereafter, on April 8, 2014, the DOJ issued a subpoena to the company seeking documents relating to various entities and individuals, including the LIA. This subpoena was later confirmed by Societe Generale to concern possible FCPA violations.

On November 4, 2016, Societe Generale disclosed that the SEC had issued a subpoena to the company on October 4, 2014, seeking information on the same subject matter as the earlier DOJ subpoena.

On May 3, 2017, Societe Generale settled the LIA matter in England for 813.26 million pounds (approximately $1.05 billion).

On November 6, 2017, the company disclosed that it was in negotiation with U.S. authorities to resolve the FCPA and a related LIBOR investigation within the coming weeks to months.

On June 4, 2018, the DOJ filed enforcement actions against Societe Generale and its subsidiary, SGA Societe Generale Acceptance N.V.

It is unclear whether the SEC investigation into the company is ongoing. The last disclosure related to the SEC investigation was made in Societe Generale's annual report issued on February 2, 2018.

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