Libyan Lawsuits Administration saves Libya a billion dollars against Kuwaiti arbitration case
The Libyan Lawsuits Administration managed to avoid paying an estimated one billion US dollars from the Libyan state treasury.
The administration won a lawsuit to annul the arbitration of the Cairo Court of Appeal of the Kuwaiti Al-Kharafi Company against Libya.
The Cairo Court of Appeal made a ruling to annul the arbitration case after a judicial and legal dispute that spanned for years and was decided in favor of the Libyan state.
Meanwhile, the Libyan Audit Bureau congratulated the administration for its success in winning the lawsuit.
In a letter addressed to the Head of the Audit Bureau, Khaled Shakshak, Earlier, the Libyan Case Department managed to set aside an estimated one billion US dollars in the state treasury.
The administration won a lawsuit to annul the arbitration award of the Cairo Court of Appeal issued in favor of the Kuwaiti Al-Kharafi Company against Libya.
The Cairo Court of Appeal issued a ruling to annul the arbitration award after a judicial and legal dispute that spanned years and was decided in favor of the Libyan state.
In a related context, the Libyan Court of Accounting congratulated the management of Libyan cases for its success in winning the case.
In a letter by the Head of the Audit Bureau, Khaled Shakshak, to the head of the lawsuits administration and the head of the disputes committee abroad, the Audit Bureau confirmed that the court ruling issued by the Cairo Court of Appeal ruled to nullify the arbitration against Libya that would have obliged it to pay the amount of one billion dollars to the Kuwaiti company Al-Kharafi in addition to the accumulated benefits and judicial expenses.
The letter noted that this ruling was a success, in addition to the previous successes of the administration that have been achieved in the international and domestic courts in defense of the rights of the Libyan state.
It is noteworthy that the Kuwaiti “Al-Kharafi” group seized $120 million in Libyan funds and assets in April 2014 in France, in exchange for an Arab arbitration in compensation of the company issued in May 2013, at which time the Kuwaiti group obtained compensation of $930 million.
As a result, the Kuwaiti company entered into a dispute against the former interim Libyan government over a land of 24 hectares in the Tajura region, east of Tripoli, with a right of usufruct for 90 years, with an annual rental value of about 730,000 Libyan dinars, according to a contract with the Libyan government in 2006, but it withdrew the project in 2010.
Lawyer Mustafa Al-Manea explained the reasons for the Cairo Court of Appeal ruling in favor of the Libyan state against the Kuwaiti company, Al-Kharafi.
In a statement to “Ean Libya,” Al-Manea described the ruling as a historical Egyptian ruling and a judicial precedent that benefits many and builds upon a firm legal position in defending the rights of the Libyan people abroad as well as protecting the Libyan state’s foreign investments and contributions.
He added: “As I extend my thanks to the colleagues in the administration of state lawsuits for their efforts that have been made, I recommend to all of my colleagues in the Libyan legal family in its various institutions to give this ruling the necessary care in extracting a firm legal position that protects the Libyan state in the rest of the international disputes.”
Al-Mana concluded his speech by saying: “The Libyan state will remain blessed with the glory of the Libyan legal family.”