WASHINGTON (Pakistan Point News / Sputnik - 28th August, 2018) The US investment firm Legg Mason has agreed to settle charges that a subsidiary and a French partner bribed Libyan officials to win approval of a $1 billion investment in state-owned financial institutions, the Securities and Exchange Commission (SEC) said in a press release on Monday.
"Between 2004 and 2010, a former Legg Mason asset management subsidiary, Permal Group Inc., partnered with a French financial services company to solicit investment business from Libyan state-owned financial institutions," the release said. "These entities engaged in a scheme to pay bribes to Libyan government officials through a Libyan middleman in order to secure investments."
As a result of the bribes, Legg Mason's Permal subsidiary awarded business tied to $1 billion of investments for the Libyan financial institutions, earning net revenues of approximately $31.6 million.
To settle the charges, Legg Mason agreed to disgorge $27.6 million of ill-gotten gains plus $6.9 million in interest, the release explained.
Legg Mason had also previously agreed to pay $33 million to the US Department of Justice in sanctions resulting from the bribery scheme.
