Bloomberg - JPMorgan unit sued over £200m bond deal

Gavel

The Libyan Investment Authority sued JPMorgan Chase in London, saying the bank paid more than $6 million in bribes to secure a $200 million bond deal.

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:

JPMorgan Faces $6 Million Bribe Allegation From Libyan Oil Fund

Danske CEO Resigns After $234 Billion Tied to Laundromat Scandal

 

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