LIA v Société Générale & Ors: statement on behalf of Walid Giahmi
Walid Giahmi's lawyer, Kathryn Garbett, Head of Fraud Defence at Mishcon de Reya, said:
"In an extraordinary development, the LIA's unfounded claims against Walid Giahmi have been abandoned, with the claimant liable for his legal costs. This is a complete exoneration of my client, who has been subject to serious allegations involving bribery and intimidation for the past three years. Throughout this period, we vigorously defended the allegations against Mr Giahmi which amounted to nothing more than a baseless conspiracy theory: they should never have been brought at all.
"The LIA had unlimited resources and engaged a vast legal team, including four QCs for trial and a team of forensic accountants, incurring huge legal fees. Despite this, it discontinued the proceedings on what should have been the second day of trial, before oral openings could take place.
"During the course of the proceedings, Mr Giahmi provided full disclosure of all of his financial records and telephone communications dating back to 2006, which showed no illegal payments at all. Mr Giahmi was also forced to seek confidentiality protection for the identities of other individuals in Libya giving evidence in the proceedings because of the risks to their lives and the lives of their families. The Court agreed to impose these protective measures in the face of opposition from the LIA.
"Mr Giahmi is relieved that these proceedings, which had been brought in breach of Libyan Law, have come to an end. He does not intend to make any further comment at this stage."
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