French bank sued for ‘bribes’

Société Générale had paid about $58 million (R614m at yesterday’s rate) to a friend of the Gaddafi family to secure investments, the Libyan Investment Authority (LIA) said yesterday in a $1.5 billion lawsuit. The payments to a Panama-based company owned by Walid Giahmi, who was a friend of the son of deposed Libyan ruler Muammar Gaddafi, had no real purpose and were kept secret from the LIA board, according to court documents filed in London. They were made with the aim of “influencing the LIA’s decision to enter into each and every one of the disputed trades through the payment of bribes”, it said. – Bloomberg


Fitch, Moody’s ratings sought

Tanzania aimed to secure a rating from Fitch Ratings and Moody’s Investors Service in the next three months ahead of its debut eurobond, which the country expected to launch in the 2014/15 financial year, Finance Minister Saada Salum said yesterday. “We have a timeframe [for the rating] of the next three months,” he said. “We want to do the eurobond in the next financial year.” Tanzania has previously said the eurobond could be worth up to $1 billion (R10.5bn). – Reuters


Glencore seeks port, rail access

Mauritania was set to sign a $1 billion (R10.5bn) contract with Glencore Xstrata giving access to the west African country’s rail and port facilities, the state mining firm said yesterday. Glencore said in its 2013 annual report it was assessing two iron ore assets in the country, which it said collectively have the potential to produce at least 22.5 million tons a year. – Reuters