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Libya drags JP Morgan to court over $6m bribe

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Libyan Investment Authority (LIA) has sued JPMorgan Chase & Co. in London, saying the lender paid more than $6 million in bribes to secure a $200 million bond deal.

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, this is according to London court documents released on Tuesday.



The bank has until next month to submit defense documents in the case, which was filed in April.

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.

According to Libyans, Giahmi may have acted “in the same way” on five sets of transactions involving other lenders, according to filings.

Giahmi had personal connections with the Qaddafi family and regime, including Qaddafi’s son Saif Al Islam.
Societe Generale SA paid more than $1.7 billion in settlements and regulators’ fines over claims the bank paid a bribe to Giahmi to arrange deals.

Libya’s United Nations-backed National Oil Corporation (NOC) had in July closed four oil ports held by the military chief Khalifa Haftar, collapsing the country’s hydrocarbons production.

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The NOC has also written to the UN sanctions committee and foreign embassies with evidence that it said showed Haftar’s allies have for years been offering questionable contracts in breach of UN resolutions, that would lead to millions of dollars in oil revenues being siphoned out of the Libyan economy.

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The Backbone of Gambian Economy Requires Careful Monitoring – Experts

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Prospects of a growing GDP must be reflected in growth in exports, foreign direct investment and tourist arrivals. The financial year is almost coming to an end but not much has been said about the main export crop.



Earlier a press release was issued questioning the prospects of the farming season.
However, the government has not said much about the trade season. It is standard of good practice to announce the prices of crops before they are even sown to motivate farmers to aim to have bumper harvest.
Now farmers are still waiting to be assured that their crops will be bought at reasonable prices. It is therefore important to keep an eye on the trade season and tourist arrivals as pointers to growth or decline in GDP.

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China eliminates poverty in 85 counties

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China, on Wednesday, announced that another 85 counties have been officially taken off the country’s list of impoverished areas, marking further steps toward its goal of eradicating poverty by 2020.

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The announcement, made by the State Council Leading Group Office of Poverty Alleviation and Development, came on the fifth National Poverty Relief Day, which falls on October 17 every year.

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This is the largest number of counties to shake off poverty since China vowed in 2015 to win the battle against poverty.

It brings the total number of counties removed from the poverty list since then to 153.

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