LIA wins case against Swiss Galoli

LIA wins case against Swiss Galoli

May 29, 2022 - 12:14
Posted in:
Written By: SafaAlharathy

The Libyan Investment Authority (LIA) says it has prevented the Swiss company Galoli and its partners from seizing its assets in France.

The LIA confirmed on Facebook that it had won two court rulings to annul the Swiss acquisition.

According to the LIA, Galoli contracted with government entities in 2008 to provide media services. However, following the 2011 uprising in the country, the Swiss company demanded financial compensation and entered a legal dispute that continued until 2016.

The Geneva Arbitration Chamber had issued a judgment allowing the Swiss company to seize LIA's assets in France.

The LIA refused to implement the order and took the matter to court, which annulled the first ruling.