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14 November 2019
WEALTH MANAGEMENT

Credit Suisse sued by Libyan Investment Fund over bribery claims

The state investorfiled the lawsuit against the Swiss bank Monday and the complaint was described as a ‘commercial fraud’s case in the court docket.

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The Libyan Investment Authority (LIA) has sued Credit Suisse Group in London after a bribery case as part of a long-running fight with US and European banks over bribery allegations, reported Bloomberg.

While additional court documents are not available, the case is likely to relate to documents the LIA has sought in other lawsuits related to Walid Al-Giahmi. The businessman, who the fund has accused of taking bribes to arrange deals, is also a defendant in the suit filed this week.

Societe Generale paid nearly EUR 1 billion ($1.1 billion) in 2017 to settle a bribery lawsuit related to Al-Giahmi. As part of that case, the LIA also sought documents related to the businessman and four other banks, including Credit Suisse and JPMorgan Chase & Co.

The LIA sued JPMorgan last year over a $6 million bribe they said was paid to fund-officials through Al-Ghiami in order to secure a $200 million deal for Bear Stearns, which was bought by the bank in 2008.

The LIA has said Al-Giahmi acted as a fixer, bribing and intimidating the fund’s officials while receiving payment from the banks. In previous lawsuits, the fund has said he was well connected with former Libyan leader Moammar Qaddafi’s regime and had personal connections with members of his family.

Two asset managers, GLG Partners Asset Management and Dubai-based Frontier Investment Management Partners, are also defendants in the lawsuit.

The LIA has not won every case related to allegations against US and European lenders. In 2016, a London judge rejected claims that Goldman Sachs Group leveraged its reputation as well as lavish meals and gifts to win the sovereign wealth fund’s trust.


RELATED STORIES: FORMER LIBYAN LEADER MOAMMAR QADDAFI SOCIETE GENERALE CREDIT SUISSE LIBYAN INVESTMENT AUTHORITY GOLDMAN SACHS GROUP

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