‘Whilst a bloody civil war rages in Libya the Claimant, the Libyan Investment Authority (‘the LIA’), has commenced proceedings alleging that certain trades, which involved the payment of US$2.1 billion by the LIA to Societe Generale SA (‘SocGen’) and its affiliates, the First to Fourth Defendants, were part of a fraudulent and corrupt scheme involving the payment of US$58.4 million by SocGen to Mr. Al- Giahmi, the Fifth Defendant, via Leinada Inc. (the Sixth Defendant), a Panamanian company owned and controlled by the Fifth Defendant. It is alleged that certain employees and officers of the LIA were influenced by the payment of bribes and the making of intimidatory threats to cause the LIA to enter the disputed trades. It is said that the Fifth Defendant was able to effect this scheme through his links with the Gaddafi regime. These allegations are denied by all of the Defendants.’
Teare J
[2016] EWHC 375 (Comm)
Bailii
England and Wales
Torts – Other
Updated: 01 November 2021; Ref: scu.562508
