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UK court dismisses LIA claims against Libyan businessman in JP Morgan bribery case

The Address | Benghazi – Libya

LONDON – The UK Commercial Court yesterday dismissed the Libyan Investment Authority’s claim against businessman Walid Giahmi, a defendant in the LIA’s $US 200 million bribery case against JP Morgan.

Judge Justice Bryan granted Giahmi’s application for the LIA’s service of proceedings against him to be set aside saying, “The LIA’s claims against Mr Giahmi… stand no real prospect of success…”

Giahmi welcomed the decision, saying, “This case should never have been started. Libya needs electricity, security, schools and medicine not money wasted on lawyers.”

Last year, LIA filed a lawsuit against JPMorgan Chase & Co. in London, saying the lender paid more than $6 million in bribes to secure a $200 million bond deal.

JPMorgan’s Bear Stearns sent the payments to businessman Walid Al-Giahmi, a close friend of Muammar Gaddafi, to arrange deals in a contract that was no more than a “sham” agreement, according to London court documents.

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