Libya Denies Credit Suisse Bribery Suit Is 'Act Of Revenge'

Law360, London (July 6, 2021, 5:37 PM BST) -- The Libyan Investment Authority said at a London trial on Tuesday that a businessman's claim the sovereign wealth fund is suing him out of revenge over allegations Credit Suisse bribed him to close a $200 million investment is "a hopeless argument."

The LIA argued it would be "inconceivable" for the High Court to strike out its $187 million bribery claim against Walid al-Giahmi and Credit Suisse as an abuse, because it had previously brought litigation against other investment banks over similar allegations.

Counsel for the sovereign wealth fund submitted that al-Giahmi, a Libyan businessman who supposedly had close ties to former...

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