Press release distribution to media in EMEA
  • Middle East
  • North Africa
  • Global
  • Business
  • Finance
  • Technology
  • Press
  • About Us
    • Press Release Distribution Services
    • Submit Press Release
    • Contact Us
Submit PR
No Result
View All Result
MENA NEWS | Press release distribution to media in UAE and MENA regions
  • Middle East
  • North Africa
  • Global
  • Business
  • Finance
  • Technology
  • Press
  • About Us
    • Press Release Distribution Services
    • Submit Press Release
    • Contact Us
Submit PR
No Result
View All Result
PR distribution to media in EMEA
Submit PR
Home North Africa

Concentrate on Libya, Businessman Tells Libyan Investment Authority after London Court Dismisses Second Case Against Him

admin by admin
January 12, 2022
in North Africa
Share on FacebookShare on Twitter


Arab Newswire Press Release-Distribution-to-Media-Arab-World and MENA region







LONDON, UK – (ARAB NEWSWIRE) — The UK Commercial Court on Friday dismissed a second case brought by the Libyan Investment Authority against businessman Walid Giahmi, a defendant in the $US 200 million case the LIA brought against Credit Suisse and three other defendants. See Case No: CL-2019-000691 with Neutral Citation Number: [2021] EWHC 2684 (Comm) that was presided at THE HIGH COURT OF JUSTICE BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES COMMERCIAL COURT (QBD) at the Royal Courts of Justice, Rolls Building, Fetter Lane, London, EC4A 1NL.

Mr. Justice Pelling QC said the LIA had “no real prospect of success” of showing that it had lodged its claims in a timely manner, a similar finding to that reached by Mr. Justice Bryan in a 2019 ruling on the LIA vs J.P. Morgan.   The LIA lost an appeal on the J.P. Morgan judgement but Counsel for the LIA indicated to the Court on Friday that the LIA will not be appealing the Credit Suisse decision.

This likely means an end to the LIA’s seven-year largely fruitless pursuit of major international banks over investments placed with them on the eve of or the early stages of the 2007-8 global financial crisis.

“It is time that the Libyan Investment Authority concentrates on Libya,” Mr Giahmi said.  “This decision should mean an end to the fortunes spent on London lawyers in preference to Libyan schools, hospitals and basic necessities.”

Costs involved in the Credit Suisse case were described as “eye-watering” in last week’s hearing, with the LIA having to meet a large proportion of defendant’s costs, which included some penalty costs for pursuing a case said in the hearing to meet a standard of being “speculative, weak, opportunistic and thin.”

In April 2019, the Libyan Government disclosed that the LIA had already spent more than €500 million on legal fees in litigation against global banks and contesting control over the LIA.

Mr Giahmi has consistently denied allegations that he bribed or intimidated LIA employees to obtain approvals for investments made by the LIA or that he influenced appointments to the LIA or channelled bribes to the Libyan dictator’s son, Saif al-Islam Gaddafi.  An early supporter of the revolution against Muammar Gaddafi, Giahmi maintains that he became the target of retaliation immediately after identifying suspected corrupt former Gaddafi bankers to the leaders of the revolution.

He continued to be targeted as some of Gaddafi’s bankers manoeuvred themselves back into positions of influence in post-revolutionary Libya, with the litigation against Western banks serving “as a useful distraction” against questions about missing money during the Gaddafi era and continuing corruption in current day Libya.

“The allegations against me date back to 2008 and were the subject of UK, US and Swiss regulatory inquiries which produced no adverse findings,” he said.  “The LIA has continually recycled the same allegations, but withdrew the case when they had the opportunity to have them determined by a court.

“This has deprived me of the opportunity for me to clear myself, or for the courts to consider the mass of information I have provided on banking and financial corruption from the time of the Gaddafi regime on. If the parties involved wanted to respond to the material I have presented to the courts, they have had every opportunity to respond in specifics and in detail – and they haven’t.”

Media Contact
Stylus Media
Phil Dickie
stylusmedia@bluewin.ch
+41 79 703 1952

This press release is issued through Arab Newswire™ – a newswire service with press release distribution to media in the Arab World, Middle East and North Africa (MENA).











Source link

Tags: Credit SuisseGaddafiLIALibyaLibyan Investment AuthorityLondonMENAMiddle EastNorth Africa
Previous Post

“ركزوا على ليبيا” يقول رجل أعمال للمؤسسة الليبية للاستثمار بعد رفض محكمة لندن الدعوى الثانية المرفوعة ضده.

Next Post

Publication on Hereditary Angioedema Kininogen Assay (HAEKA) Study

RelatedPosts

BZR on Coinstore – a Significant Milestone for Bazaars
North Africa

BZR on Coinstore – a Significant Milestone for Bazaars

BZR on Coinstore Facebook Twitter Pinterest WhatsApp LinkedIn Email Reddit Bazaars, the up-and-coming crypto-based P2P marketplace, makes a...

by admin
March 24, 2023
Kaafmeem to Provide VIP Clothing for Saudi Motorsport Company during Formula1 event in KSA.
North Africa

Kaafmeem to Provide VIP Clothing for Saudi Motorsport Company during Formula1 event in KSA.

Kaafmeem selected for VIP Staff Uniforms at Formula1 Facebook Twitter Pinterest WhatsApp LinkedIn Email Reddit Local Saudi brand...

by admin
March 23, 2023
أعرب 83٪ من المسلمين عن ولعهم بالمنتجات والخدمات الصديقة للبيئة ، وفقا لاستطلاع أجرته TGM Research
North Africa

أعرب 83٪ من المسلمين عن ولعهم بالمنتجات والخدمات الصديقة للبيئة ، وفقا لاستطلاع أجرته TGM Research

TGM Ramadan Global Survey 2023 Data Pill Facebook Twitter Pinterest WhatsApp LinkedIn Email Reddit تطلق TGM إحدى الدراسات...

by admin
March 18, 2023
أوتيكو تتصدر ١٣٠٠٠ عينة بيئية تم تحليلها في ميناء تامان
North Africa

أوتيكو تتصدر ١٣٠٠٠ عينة بيئية تم تحليلها في ميناء تامان

Oteko Facebook Twitter Pinterest WhatsApp LinkedIn Email Reddit  MOSCOW, RUSSIA (ARAB NEWSWIRE) أفاد أوتيكو أن ميناء تامان قد تم...

by admin
March 9, 2023
Load More

Advertize

Latest Post

Black Hats are becoming the biggest threats to Nigeria’s budding digital economy

Black Hats are becoming the biggest threats to Nigeria’s budding digital economy

by admin
March 29, 2023

USTR Releases 21st Annual Report to Congress on China’s WTO Compliance, while Biden Administration Releases its 2023 Trade Policy Agenda | Perspectives & Events

USTR Releases 21st Annual Report to Congress on China’s WTO Compliance, while Biden Administration Releases its 2023 Trade Policy Agenda | Perspectives & Events

by admin
March 29, 2023

Middle East airports need $151bn investment by 2040 – Arabian Business

by admin
March 27, 2023

Israeli parliament OKs 2023-24 state budget in preliminary vote

Israeli parliament OKs 2023-24 state budget in preliminary vote

by admin
March 27, 2023

French Refining Is Barely Running as Strikes Enter Week Four

French Refining Is Barely Running as Strikes Enter Week Four

by admin
March 27, 2023

How the U.S. Can Lead on Tech Regulation

How the U.S. Can Lead on Tech Regulation

by admin
March 27, 2023

MENANEWS provides press release distribution services for businesses, organizations and other entities with the need to reach media outlets in Europe, Middle east and Africa (MENANEWS) Submit press release or contact us today.

Share Us

CATEGORIES

MIDDLE EAST
NORTH AFRICA
GLOBAL
BUSINESS
FINANCE
TECHNOLOGY
PRESS

Subscribe To Our Newslatter

    © 2023 Copyright MENANEWS.CLUB
    No Result
    View All Result
    • Middle East
    • North Africa
    • Global
    • Business
    • Finance
    • Technology
    • Press
    • About Us
      • Press Release Distribution Services
      • Submit Press Release
      • Contact Us

    © Copyright MenaNews.club™