Societe Generale Deferred Prosecution Agreement Libor

The shares were announced by the U.S. Department of Justice and the U.S. Futures Trading Commission. Under an agreement with the Department of Justice, Societe Generale will avoid criminal prosecution for manipulating the London Interbank Rate (LIBOR) and pay a $275 million fine. The bank is paying a civil fine of $475 million in a separate transaction with the CFTC. As part of a procedure to this effect, Societe Generale has concluded a comparison with the National Financial Prosecutor`s Office (PNF) in Paris on the Libyan corruption system. As part of its agreement, the United States will credit Societe Generale with $292,776,444, or 50 percent of the total fine to be paid in the United States. This is the first coordinated solution with the French authorities in a foreign corruption case. In addition, The General Corporation has signed a deferred prosecution agreement on allegations of conspiracy and transmission of false reports. Societe Generale is in talks with U.S.

authorities to reach an agreement to resolve the investigation into the historic compliance of U.S. economic sanctions (OFAC). It is possible, without certain that the upcoming discussions will lead to an agreement in the coming weeks or months. Under the terms of the agreement, Societe Generale will pay a $275 million fine to resolve the issue of wrongdoing by LIBOR. In addition, in August 2017, two people – former Societe Generale Global Treasury Head Danielle Sindzingre and ex-Paris Treasury Head Muriel Bescond – were indicted for their role in the scheme. Both remain at large. A charge is only one charge and all the accused are presumed innocent until they are found guilty of a reasonable doubt. The deferred court agreement and appeal agreement are subject to court approval. With regard to IBOR and Libyan affairs, the General Society has declared its readiness to conclude a three-year deferred law (“DPA”) agreement.

A Dpa is an agreement between a prosecutor and an accused in which a prosecutor postpones the charge for a specified period of time. If the accused meets certain pre-defined conditions, the prosecutor agrees to dismiss the indictment after the deadline has been completed. With regard to the IBOR and Libyan issues, the DOJ will terminate the proceedings after three years if the General Society complies with the provisions of the data protection authority – which includes reporting obligations and internal corrective measures to which the Bank has fully committed.

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