The Libyan Lawsuits Administration said Wednesday that it had won an arbitration lawsuit, after years of legal procedures, at the Cairo Appeals Court against Kuwaiti firm M.A. Kharafi & Sons that wanted to seize $120 million from the assets of the Libyan Investment Authority (LIA) in France.
M.A. Kharafi & Sons seized $120 million from LIA in France in April 2014 for an Arab arbitration from 2013 that said it should get $930 million in compensation.
The Head of the Libyan Audit Bureau Khalid Shakshak has hailed the ruling as a win for the efforts of the Lawsuits Administration over the last years.
Shakshak said the ruling is also added to many successful cases secured by the Lawsuits Administration in international courts to persevere Libyan state assets.
The Kuwaiti company went to the courts and filed lawsuits against Libya because Libya had not abode by a 2006-signed contract by Gaddafi’s regime with it. After that, an international court decided in March 2013 that Libya must pay 937 million dollars plus 4% in interests starting from the date of the court order for the company as a compensation.