The Société Générale has agreed to pay fines of a total amount of 1.34 billion dollars (1.15 billion euros) to resolve two disputes in the United States and France on manipulation assumed to be the interbank rate Libor, and suspicions of corruption in Libya.
The bank had been informed earlier in the day that in order to put an end to the prosecution that she was facing after having made some transactions deemed illegal with the libyan sovereign wealth fund and manipulated the interbank rate Libor, it would provide 250 million euros in the United States as well as in France.
In total, the French bank will pay 1.34 billion dollars for the closure of these two thorny folders. It is the first convention judicial of public interest (CJIP) “, signed in agreement with the Department of Justice, u.s., stressed the prosecutor of the parquet national financier, Eliane Houlette, during the hearing on the validation of the CJIP.
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As reported by Les Echos, the payment of this amount should allow the bank to avoid the case trial, as well as the “plead guilty.” “The amount to be paid is entirely covered by the provision recorded in the accounts of Société Générale, which has been allocated to the folders Libor (another case, in which the bank’s suspected manipulation of interbank rate, editor’s note) and libya. These payments will, therefore, not impact on the results of Société Générale,” she said in a press release.