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Libya Wealth Fund Says Bear Sterns Paid Bribe For Bond Deal

Law360, London (March 12, 2019, 7:59 PM GMT) -- The Libyan Investment Authority has renewed calls for a London court to cancel a $180 million bond agreement issued by now-JPMorgan unit Bear Stearns, saying the firm paid and then concealed a $6 million bribe to a businessman with ties to the Moammar Gadhafi regime to secure the deal.

The country's sovereign wealth fund said Bear Stearns knew or at least suspected that Walid Al-Giahmi wasn't working as a legitimate broker when it hired him in 2007 to set up an introductory meeting with the fund's executive team, according to documents filed Friday with the High Court.

The fund repeated accusations...

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