arbitration / adr news
Libya successfully defends $US 69 million arbitration compensation claim against Turkish company, and a case in UAE 10 January 2021
Libya has successfully defended a US$ 69 million arbitration claim case by a Turkish company, its Committee for Pending Disputes Abroad of the Supreme Judicial Council (SJC) reported today. The case was before the International Chamber of Commerce (ICC) in Paris and was against ‘‘Matrim Vardan’’ who the Committee referred to as”owner” of Turkish company “Çukurova”. Cukurova Holding is listed as being established in 1923, a private industrial and commercial conglomerate, based in Istanbul, Turkey. It is engaged in a range of sectors such as industrial, construction, communication and IT, media, transportation, financial services and energy. It is its construction arm that is owed money by Libya for projects implemented which were interrupted by the 2011 revolution that overthrew the Qaddafi regime. Cukurova has been taken to court by creditors /subcontractors and faced bankruptcy. The report says Matrim had accused the Libyan state of breaching its obligations in protecting his investments in accordance with the bilateral treaty between Libya and Turkey for the promotion and protection of investments. However, the the report said the arbitral tribunal ended the lawsuit ruling that the plaintiff ‘‘was not serious’’ and charged him with arbitration expenses of US$ 300,000. He was also obligated to pay the Libyan state £ 600,000 pounds sterling and US$ 12,000 with interest at a rate of 2% / monthly, for what it incurred in terms of arbitration expenses and attorney fees. Libya defends case in UAE The Committee for Pending Disputes Abroad also reported today that it was also able to save Libya LD 690,000 or its equivalent in Emirati dirhams, after it successfully appealed a case in the UAE. The amount was what the Abu Dhabi Court of Appeal had previously ruled in favour of the Al Ain Corporation for Advertising and Artistic Production for its supply of some artwork during 2001 and 2004 to the Libya Channel. However, the Court of Cassation in Abu Dhabi cancelled extinguished the ruling by prescription and obligated the aforementioned plaintiff to pay the case’s fees and attorney fees and ordered the return of the appeal guarantee to the appellant authority, based on the appeal filed on behalf of the Libyan state. Source: Libya Herald |
