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Libyan Investment Authority Loses Claim in the UK Court of Appeal - London

October 14, 2019 GMT

LONDON, Oct. 14, 2019 /PRNewswire/ -- The Libyan Investment Authority has been refused permission to appeal the June High Court judgement striking out its proceedings against Libyan businessman Walid Giahmi in its case against JP Morgan Chase & Co.

The decision, handed down October 10 by the Rt Hon. Lord Justice Haddon-Cave, affirmed the “clear and detailed judgement” of Justice Bryan in the High Court Commercial Court on 6 June 2019. Lord Justice Haddon-Cave noted the High Court’s finding that the Libyan Investment Authority had committed “a deliberate and egregious breach of the duty of full and frank disclosure in relation to a highly material matter concerning a serious issue to be tried” and said that the High Court decision was “not open to sensible challenge”.

“My long ordeal is over, but Libya’s ordeal is continuing,” Mr Giahmi said. “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.

“The LIA is rightfully a significant Libyan public institution and it can set a clear example to lift the standards of management and governance in Libyan financial institutions.

“It is apparent that one consequence of the 40-year Gaddafi regime is that significant assets that rightfully belong to the Libyan people are abroad. If Libya can get its act together there are strong legal pathways to return that wealth and help rebuild our broken nation.

“I would be very happy indeed to assist with this.”

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SOURCE Stylus Media