{"id":5166,"date":"2011-06-10T00:00:00","date_gmt":"2011-06-10T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2011\/06\/sec_examining_whether_goldman"},"modified":"2022-04-04T13:40:01","modified_gmt":"2022-04-04T18:40:01","slug":"sec-examining-whether-goldman","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-examining-whether-goldman\/","title":{"rendered":"SEC Examining Whether Goldman Sachs Violated Bribery Laws When Dealing with Libya\u2019s Sovereign-Wealth Fund"},"content":{"rendered":"<p>According to the Wall Street Journal, the SEC is trying to figure out whether Goldman Sachs Group Inc. and a number of other financial firms were in violation of bribery laws because of the way they handled Libya\u2019s sovereign-wealth fund. SEC enforcement lawyers are now looking at documents detailing these relationships. Several other companies have had significant interactions with the Libyan Investment Authority, including Och-Ziff Capital Management Group, <a href=\"https:\/\/www.investorlawyers.com\/jp-morgan-chase-background-information.html\">JP Morgan Chase<\/a>, and Carlyle Group.<\/p>\n<p>The Journal says that Goldman invested over $1.33 billion from Libya\u2019s fund in a number of trades in 2008. The investment lost over 98% of its value.<\/p>\n<p>US regulators want to know about a $50M and transaction fees that Goldman Sachs said it would pay the fund in exchange for a release of liability and winding down the trades. Although the money reportedly was never handed over before violence flared up last year in Libya, this doesn\u2019t mean that the financial firm is exempt from the federal Foreign Corrupt Practices Act, which does not let US companies offer (or pay) bribes to state-owned company employees or foreign government officials. The money would have gone to an outside advisory firm that was at the time run by the son-in-law of the Libyan national company.<\/p>\n<p>Goldman spokesman Lucas van Praag has said that the financial firm is \u201cconfident\u201d that it didn\u2019t do anything that violated any regulation or rule. He noted that the company worked with outside counsel to make sure that it was in compliance with all rules.<\/p>\n<p><strong><br \/>\nRelated Web Resources: <\/strong><br \/>\n<a href=\"https:\/\/www.huffingtonpost.com\/2011\/06\/09\/sec-examining-goldman-bribery-libya_n_873727\">SEC Examining If Goldman-Libya Connection Violated Bribery Laws<\/a>, Huffington Post, June 9, 2010<\/p>\n<p><a href=\"https:\/\/blogs.wsj.com\/corruption-currents\/2011\/06\/09\/sec-looks-at-goldman-others-dealing-with-libyan-sovereign-fund\/?mod=google_news_blog\">SEC Looks At Goldman, Others\u2019 Dealing With Libyan Sovereign Fund<\/a>, The Wall Street Journal, June 9, 2011<\/p>\n<p><strong>More Blog Posts:<\/strong><\/p>\n<p><a href=\"https:\/\/www.investorlawyers.com\/blog\/2010\/11\/goldman_sachs_ordered_by_finra_1\">Goldman Sachs Ordered by FINRA to Pay $650K Fine For Not Disclosing that Broker Responsible for CDO ABACUS 2007-ACI Was Target of SEC Investigation<\/a>, Stockbroker Fraud Blog, November 12, 2010<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/sec-examining-whether-goldman\/#more-5166\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to the Wall Street Journal, the SEC is trying to figure out whether Goldman Sachs Group Inc. and a number of other financial firms were in violation of bribery laws because of the way they handled Libya\u2019s sovereign-wealth fund. SEC enforcement lawyers are now looking at documents detailing these relationships. Several other companies have [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3947],"tags":[],"class_list":["post-5166","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-goldman-sachs"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SEC Examining Whether Goldman Sachs Violated Bribery Laws When Dealing with Libya\u2019s Sovereign-Wealth Fund &#8212; Investor Lawyers Blog &#8212; June 10, 2011<\/title>\n<meta name=\"description\" content=\"According to the Wall Street Journal, the SEC is trying to figure out whether Goldman Sachs Group Inc. and a number of other financial firms were in &#8212; June 10, 2011\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/sec-examining-whether-goldman\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"SEC Examining Whether Goldman Sachs Violated Bribery Laws When Dealing with Libya\u2019s Sovereign-Wealth Fund &#8212; 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