BusinessLibya

Libyan Investment Authority loses lawsuit against Giahmi

The Libyan Investment Authority (LIA) has been refused permission to appeal the London June High Court judgement striking out its proceedings against Libyan businessman Walid Giahmi – a close figure to the former regime of Moammar Gaddafi – in its case against JP Morgan Chase & Co.

The incident dates back to before 2010 as reports said Giahmi got six million dollars in bribes to secure JP Morgan Chase & Co. a contract of 200 million dollars in bank bonds.

Stylus Media reports Giahmi as saying that his long ordeal is over, adding that this is the ideal moment for the Libyan Investment Authority to reconsider its recent actions and help to recover Libya’s lost wealth for the benefit of all Libyans.

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