WSJ: Financial firms probed over possible bribery in Libya


The Department of Justice has joined an expanding probe of banks, private-equity firms and hedge funds over the possible violation of bribery laws involving Libya's state investment fund prior to the rebellion against Muammar Gaddafi in 2011, the WSJ reports.

The investigation originally focused on Goldman Sachs but now includes Credit Suisse (CS), JP Morgan (JPM), Société Générale (SCGLF), Blackstone (BX) and hedge-fund operator Och-Ziff Capital Management Group (OZM).

A criminal probe is taking place in parallel to an SEC civil investigation.

The Libyan Investment Authority invested sums of as much as $1B in funds operated by the firms being investigated, except Blackstone.

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Comments (4)
  • zorro2828
    , contributor
    Comments (740) | Send Message
     
    so, the upshot is BX is being investigated altough they received no money .... Another examlple of a cast a large net and see what fish come to the surface,,, THE DOJ is no better then the FBI of the 50's....shameful!
    3 Feb 2014, 06:00 AM Reply Like
  • mostserene1
    , contributor
    Comments (3692) | Send Message
     
    BX is hauled in, with actual guilty firms, with a large fishing net.

     

    Long BX.
    3 Feb 2014, 08:14 AM Reply Like
  • Sumflow
    , contributor
    Comments (3597) | Send Message
     
    Among the deals being scrutinized is a $120 million hotel project in which Och-Ziff had a stake—a joint venture involving U.K.-based InterContinental Hotels Group as well as a Libyan developer and the Libyan Investment Authority to build a luxury hotel in Tripoli.
    `
    Fixers: http://bit.ly/1dpxWJx
    4 Feb 2014, 11:30 PM Reply Like
  • UnCoverUp
    , contributor
    Comments (79) | Send Message
     
    As conduits for bribes paid to the Gaddafi family, the banks, private equity firms and hedge funds were indeed co-conspirators in a broader criminal conspiracy organized by international oil companies (IOCs), aided and abetted by the Bush-Cheney administration in the US and the Blair government in the UK. The objective of the IOC conspiracy was to profit from the US/UK governments’ selective non-prosecution of blatant violations of the US Foreign Corrupt Practices Act (OTCPK:FCPA) and the UK Serious Fraud Act (SFA) under the guise of “normalizing" US/UK IOC’s relationships with Gaddafi. The US DoJ and UK SFO should also investigate the underlying IOCs criminal conspiracy to gain favor with Gaddafi by “lobbying" the Bush-Cheney and the Blair governments with promises of future employment/investment opportunities in quid pro quo for corruptly motivated executive orders that forgave the judgment debts Libya owed families of the victims of Gaddafi-sponsored terrorism. See "IRA victims plan to sue Tony Blair over Libya 'conniving' at http://bit.ly/1bcAv7N and "ConocoPhillips Shareholder Proposal -- 2012" at http://1.usa.gov/1bcAvo0)
    8 Feb 2014, 10:11 AM Reply Like
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