The UK Commercial Court yesterday dismissed the Libyan Investment Authority's 
claim against businessman Walid Giahmi, a defendant in the LIA's $US 200 
million bribery case against JP Morgan.

Mr Justice Bryan granted Mr Giahmi's application for the LIA's service of 
proceedings against him to be set aside saying, "The LIA's claims against Mr 
Giahmi... stand no real prospect of success..."

Mr Giahmi welcomed the decision, saying, "This case should never have been 
started. Libya needs electricity, security, schools and medicine not money 
wasted on lawyers." 

In April, the Libyan Government disclosed that the LIA had spent over euros 500 
million on legal fees in litigation against global banks and institutions and 
in infighting between various claimants for control of the LIA.

Source: Stylus Media