Societe Generale Deferred Prosecution Agreement Libor
Societe Generale will enter into a deferred prosecution agreement in connection with a criminal investigation indicted by the company for a conspiracy to violate the FCPA`s anti-bribery provisions and a charge of transmitting false declarations of goods. In addition, Societe Generale`s subsidiary, SGA Societe Generale Acceptance N.V., will plead guilty to obtaining criminal investigation on a single count filed today in the Eastern District of New York, which accuses the company of conspiracy to violate the FCPA`s anti-corruption provisions. Pursuant to its agreement with the Ministry, Société Générale agreed to pay the Ministry a total penalty of $US 585 million. Societe Generale has also agreed to continue to cooperate with the ministry`s investigation and to establish and maintain improved compliance procedures. The admission of guilt is scheduled to take place on Tuesday, June 5 before U.S. District Judge Dora L. Irizarry, from the Eastern District of New York. On Monday, the Justice Department announced that Maryland-based investment management firm Legg Mason Inc. had entered into a non-prosecution agreement for the payment of US$64.2 million to resolve an investigation by Permal Group Ltd. Subsidiary Permal had partnered with SocGen to obtain business from state-owned financial institutions in Libya and Legg Mason eventually received certain bribes from SocGen, said the Department of Justice. The deferred prosecution agreement and the pleading agreement are subject to the approval of the Tribunal. SocGen`s agreement to pay 250 million euros ($293 million) to the French Treasury brings the bank`s overall comparison to $1.3 billion.
Under the terms of the agreement, Societe Generale will pay a fine of US$275 million to settle the issue of Libor`s fault. In addition, in August 2017, two people – the former director of Societe Generale`s Global Ministry of Finance, Danielle Sindzingre, and the former director of the Paris Ministry of Finance, Muriel Bescond – were indicted for their role in the programme. Both individuals remain at the high level. A charge is only a charge and all defendants are presumed innocent until their guilt is proven in court without a doubt. The LIBOR rate is used to set interest rates on trillions of dollars in transactions around the world, including mortgages, bonds, and consumer credit. A number of major international banks have already paid billions of dollars in comparisons for the interest rate manipulation scandal that erupted in 2012. Units of JPMorgan Chase and Citigroup, Britain`s Barclays, Switzerland`s UBS and Germany`s bank have also signed deferral agreements. F9/ Do these agreements put an end to these investigations? The measures were announced by the U.S. Department of Justice and the U.S.
Futures Commission. Under an agreement with the Department of Justice, generierung will avoid criminal prosecution for manipulation of the London Interbank Interest Rate (LIBOR) and will pay a fine of $275 million. . . .