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SocGen Denies Bribing Qaddafi Friend in Libya Fund Case

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Societe Generale SA denied paying bribes to Libya’s sovereign wealth fund, saying $58 million in payments to a family friend of Muammar Qaddafi were to help the bank “navigate the unfamiliar and difficult” market in the country.

The payments to Walid Giahmi’s company, Leinada Inc., were for “introductory, market intelligence and follow-up services,” the Paris-based bank said in documents at the first U.K. court hearing in the Libyan Investment Authority’s lawsuit against the French lender.