The Securities and Exchange Commission (SEC) is probing if Goldman Sachs and some other financial firms violated bribery laws in dealings with Libya’s sovereign-wealth fund, The Wall Street Journal reports. The SEC is mainly investigating the $50 million fee that Goldman initially agreed to pay as part of a proposal set up to help the Libyan Investment Authority (LIA) recoup losses.
Goldman did not pay the fee as talks ended before the February uprising in Libya. The investigations initiated after the LIA gave the lender $1.3 billion to place an assortment of bets and the investment lost 98% of its value. Goldman agreed to make the payment only if the deal satisfied Foreign Corrupt Practices Act representations.
Click here for the story from The Wall Street Journal.
