Court of the International Commercial Chamber rejected the lawsuit lodged by Turkish company Tekfen-TML against the state of Libya calling for compensation worth 95 million dollars, saying its investments were subject to damage in Libya by February 17 revolution in 2011, the administration's Facebook page reported Tuesday.
The Turkish firm was ordered by the court to pay 2.747 million pounds to Libya as legal fees in total with 2% interest that will be added starting two weeks from the verdict day until the sum is fully paid. The court also rejected the firm's request to get a refund of the money it spent on the lawsuit.
The administration said it helped the Libyan treasury avoid losing 95 million dollars to the compensation lawsuit of the Turkish firm.
It added that the final verdict was announced in last November as it had rejected the lawsuit of the Turkish firm that was in contracts with Libya's Man-made River Authority, basing the verdict on the fact that Libya didn't violate the terms of securing and protecting the company and its staffers inside Libya.
