LIA To Pay Businessman's Costs In JPMorgan Bribery Dispute

Law360, London (June 27, 2019, 6:30 PM BST) -- Libya’s sovereign wealth fund is on the hook for more than £1 million ($1.27 million) in legal fees after losing its multimillion-pound bribery battle against a businessman allegedly tied to the Moammar Gadhafi regime earlier this month.

High Court Judge Simon Bryan ordered the Libyan Investment Authority to pay Walid Al-Giahmi and his Lands Company Ltd. £1.42 million, though approximately £360,000 set aside as security in the case will be returned after the payment.

The country’s investment fund lost a case accusing Al-Giahmi of defrauding it after the court found that the fund had deliberately withheld information. In that ruling, Judge Bryan...

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