The Cases Department in the Libyan state announced the victory of the arbitration case filed by the Korean “Shinhan” Construction Company against the Libyan state.
The administration said in a statement, “The Department of Foreign Disputes, headed by Counselor Ahmed Mukhtar Bazama, achieved a new victory, by winning the arbitration case filed by the Korean “Shinhan” Construction Company against the Libyan state based on the bilateral investment agreement between Libya and Korea to encourage and protect investments.
The Cases Department clarified in its statement that the company was claiming compensation of an estimated value of 660,560,359.00 Libyan dinars with accrued interest until the date of full payment, and demanding compensation for all legal expenses incurred in the arbitration case.
The administration said that the company claimed that the contracting parties (the two bodies for the development of administrative centers and the body for the implementation of housing and facilities projects) had violated the implementation of four projects related to contracts for the construction of residential buildings and infrastructure contracts in Zliten, Tripoli and Zawiya.
The Cases Department revealed that on 4/18/2023, the arbitral tribunal ruled to reject all the plaintiff’s requests and oblige it to pay the Libyan state an amount of $194,931.10.00, the arbitration costs incurred by the state of Libya, within 60 days from the date of notification of this final ruling, and after that time period the amount due will bear interest at the rate of 5% p.a. doubled twice until the date of full payment of the amount.
The administration indicated that the arbitral tribunal obligated the company to pay the Libyan state an amount of 1,267,083.00 pounds sterling, attorney’s fees and costs of experts and witnesses incurred by the state of Libya in the arbitration, within 60 days of notification of this final ruling.
And it was stressed that after this date, interest will be charged at the rate of 5% annually, doubled twice, until the date of full payment of the amount.
Source: Libyan News Agency