Stylus Media Press Release for Walid Giahmi hl2Defendant welcomes dismissal of case over Libyan Investment Authority Gaddafi-era investments
PR93757
GENEVA, Dec. 17, 2021/PRNewswire=KYODO JBN/--
Businessman Walid Giahmi has welcomed the dismissal earlier this month of the
Libyan Investment Authority's most recent case against him.
His Honour Judge Pelling QC sitting as a judge of the High Court, the said the
LIA had "no real prospect of success" of showing that it had lodged its $200
million claim against Credit Suisse and four other defendants in a timely
manner. [2021] EWHC 2684 (Comm).
His Honour noted that the earlier $200 million case of LIA vs J.P. Morgan, in
which Mr Giahmi was also a defendant, had also been dismissed on a similar
basis by Mr Justice Bryan in 2019. [2019] EWHC 1452 (Comm). The LIA was denied
leave to appeal the LIA vs JP Morgan decision.
Noting that counsel for the LIA told the judgement hearing that it would not be
appealing the court's dismissal of the case, Mr Giahmi said "I sincerely hope
that this clears the way for the Libyan Investment Authority to spend more on
Libya and less on London lawyers."
SOURCE: Stylus Media
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