Libyan Sovereign Wealth Fund Refused Permission to Appeal

The Libyan Investment Authority suffered more setbacks to its $200 million bribery case against JP Morgan when the UK Commercial Court refused permission to appeal last week’s judgement dismissing its claims against businessman Walid Giahmi.

Mr Justice Bryan said there was “No real prospect of the LIA succeeding on appeal as the LIA had committed a deliberate and egregious breach of the duty of full and frank disclosure” and that “the LIA’s claims for money had and received and fraud (also) stand no real prospect of success”. The Court ordered the LIA to pay Mr Giahmi’s indemnity costs.

Mr Giahmi said “Such a judgement on a significant Libyan financial institution poses risks to Libya’s financial reputation, possibly impacting on borrowing costs.

“This case was brought by a previous LIA management team. This judgement offers the current management of the LIA the opportunity to concentrate on looking after Libya’s wealth for the benefit Libya’s people.”

Source: Walid Giahmi

/Public Release.