FX.co ★ US authorities investigate Goldman Sachs activity in Libya

The US Securities and Exchange Commission (SEC) launched the investigation into Goldman Sachs dealings. According to The Wall Street Journal the bank is suspected of attempts to bribe Libyan government.
In 2008 Goldman Sachs lost 1.3 billion dollars which were placed in management by the state investment fund of Muammar Gaddafi. To compensate the loss Goldman Sachs agreed to pay 50 million dollars which were transferred to the third party organization.
The promised transaction rose interest in the SEC. The Commission supposes that negotiations on 50 million dollars to be paid additionally are an attempt to buy off the foreign officials and should be punished according to the US law. In 2010 the guilty verdicts were brought in against 74 companies, in 2009 there were 40 of them.
Goldman Sachs did not refund Gaddafi’s lost money including promised 50 million dollars because of the civil war started in Libya. At present there are economic sanctions enacted against the Gaddafi’s adherents so no companies may have deals with Libyan organizations.
Goldman Sachs activity has already attracted SEC’s attention amid the financial turmoil 2008. At the beginning of June New-York prosecutor concerned over the bank’s mortgage operations and in summer 2010 Goldman Sachs was fined 550 million dollars for breach of customer confidence.