The Libyan Investment Authority suffered more setbacks to its $200 million 
bribery case against JP Morgan when the UK Commercial Court refused permission 
to appeal last week's judgement dismissing its claims against businessman Walid 
Giahmi.

Mr Justice Bryan said there was "No real prospect of the LIA succeeding on 
appeal as the LIA had committed a deliberate and egregious breach of the duty 
of full and frank disclosure" and that "the LIA's claims for money had and 
received and fraud (also) stand no real prospect of success".  The Court 
ordered the LIA to pay Mr Giahmi's indemnity costs.

Mr Giahmi said "Such a judgement on a significant Libyan financial institution 
poses risks to Libya's financial reputation, possibly impacting on borrowing 
costs.

"This case was brought by a previous LIA management team.  This judgement 
offers the current management of the LIA the opportunity to concentrate on 
looking after Libya's wealth for the benefit Libya's people."

Source:  Walid Giahmi