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The LIA lodged a lawsuit against French Investment bank Societe Generale in 2014. In this it claimed the relationship between it and SocGen through which the latter executed $2.1bn of trades on behalf of the LIA in the 2007-09 period was based on a “fraudulent and corrupt” scheme involving a $58.5mn payment by SocGen to Lenaida, a Panama-registered company that at the time was controlled by Libyan businessman Walid Giahmi.
The payment to Mr Giahmi was designed to “influence the LIA’s decision to enter into each and every one of the disputed trades,” said the LIA in its claim for $1.5bn in compensation for losses suffered in the deals, which coincided with a downturn in the global economy and equity markets.
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