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.
Mr Justice Bryan granted Mr 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…”
Mr Giahmi welcomed the decision, saying, “This case should never have been started. Libya needs electricity, security, schools and medicine not money wasted on lawyers.”
In April, the Libyan Government disclosed that the LIA had spent over euros 500 million on legal fees in litigation against global banks and institutions and in infighting between various claimants for control of the LIA.