arbitration / adr news
France Court of Cassation nullifies Kuwaiti group's seizure of Libyan assets 7 September 2022  The French Court of Cassation ruled Wednesday the invalidity of the executive seizures made by the Kuwaiti Kharafi Group on the assets of the Libyan Investment Authority (LIA) in France, which is a legal and judicial struggle that lasted for more than nine years, according to LIA Chairman. LIA Chairman, Ali Mahmoud, said in a statement that the Authority “blocked the way for the Kharafi Group’s attempts to use the Authority’s funds to implement the arbitral award issued in its favor against the Libyan state, with a value of more than one billion US dollars.” The highest court in the French judicial system upheld the legal arguments and payments made by the Authority, according to the statement. This case is related to an investment agreement concluded by the Libyan Tourism Development Authority in 2006 with the Kharafi Group to establish a tourism project in Tajoura, Tripoli. After withdrawing the approval of the project, the group initiated arbitration proceedings against the Libyan state. Source: The Libya Update |