Tripoli, The Supreme Judicial Council Legal Case Department has announced that it had succeeded in sparing Libya an estimated loss of US$190 million in total compensation claimed by the Turkish company “Qurich.”
The Department explained in a statement published on its official SMS page that the jury of the International Chamber of Commerce in Paris issued its final ruling on November 23rd in the arbitration case filed by the Turkish company against the Libyan state, and the administrative centres development authority, to reject all claims of the company.
The statement added that the international arbitration tribunal obliged the Turkish company “Qurich” to pay the Libyan state lawyers’ fees estimated at 1.8 million euros, and to pay arbitration expenses estimated at more than 1.458 million euros, of which 342,676 euros will be deducted as Libya’s share in arbitration expenses.
The Case Department indicated that the background to the conflict was due to the Turkish company’s claims that Libya violated the provisions of a bilateral treaty to protect and encourage investments between Libya and Turkey, which led to the stalling of contracted projects to be executed in Libya, related to the construction of a public park in Tripoli and the construction of buildings at Tripoli University.
In November 2020, the Case Department was able to spare the Libyan state an estimated payment of more than half a billion euros with legal benefits to the French company Sorrellic.
Source: Libyan News Agency