Court in France to lift reservation of $100 million for the Central Bank of Libya

  • Libyan Express |
  • Wednesday 6 December 2017

The Central Bank of Libya. (Internet)

A French court has ruled in favor of the Central Bank of Libya (CBL) to lift reservations made by Kuwaiti company Kharafi on 100 million US dollars.

The CBL said on its Facebook page on Wednesday that the ruling issued by the court on the 28th of last November invalidates the reservation decision Kharafi company imposed on funds of the Central Bank of Libya at Crédit Agricole Bank.

The Central Bank of Libya said the matter is related to Kharafi’s efforts to implement a ruling issued in March 2013 by tribunal in Cairo for Kharafi against the Libyan government in the amount of $ 1 billion.

The CBL said it appealed the ruling issued in March 2013 in Cairo before the French courts by filing a lawsuit on April 11 last year against the Kuwaiti company, explaining that “the company took advantage of the political and institutional division in Libya to issue a ruling in its favor”.

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