Libya's Supreme Judiciary Council's Lawsuits Department won two arbitration cases at the International Court of Commerce (ICC) in Paris against Turkey's Öztaş and Cyprus's Olin Holdings Ltd.
"Öztaş's lawsuit was demanding Libya pay 60 million euros for alleged damage of breaking off the contract of Abuzayan water system." The media office of the department reported.
On June 14, the court rejected the lawsuit of the Turkish company and demanded it paid 237.000 dollars for the arbitration panel and other money cost by the case.
"The second lawsuit by Olin was going to cost Libya 147,882,000 euros in claims for damage by Libya's withdrawal from the agreement to secure the company's factory in Tripoli as per the second convention for protection of foreign investment between Libya and Cyprus." The office added.
It also said that the arbitration court obliged Libya by a verdict to pay Olin 18.225.000 million euros and thus Libya saved about 80% for the Libyan treasury out of the amount requested by the Cypriot company.
Over the last weeks, the lawsuits department won two cases lodged by United Arab Emirates' firms against Libya.
Several foreign companies which used to operate in Libya resorted to arbitration lawsuits against the country and its institutions for compensations for damages done to them in suspension of projects since 2011, let alone the damage to their equipment and sites caused by conflicts and fighting as well as looting over the last years.
