Bloomberg News reports that JPMorgan’s Bear Stearns sent the payments to businessman Walid Al-Giahmi - a close friend of the Qaddafi regime - to arrange deals in a contract that was no more than a “sham” agreement, according to London court documents released Tuesday. The bank has until next month to submit defense documents in the case, which was filed in April. A spokesman declined to comment.
The LIA, an oil wealth fund set up under former dictator Moammar Qaddafi, is pursuing a number of claims against major banks seeking to nullify unprofitable deals that may have been influenced by bribes. Societe Generale paid more than $1.7 billion in settlements and regulators’ fines over claims the bank paid a bribe to Giahmi to arrange deals.
Hit the link below to access the complete Bloomberg News article:
Have something to tell us about this article?