On Wednesday, the Committee for Disputes Abroad, in the Department of Lawsuits, announced that the Libyan state was spared half a billion euros, the value of a settlement agreement concluded by one of the sovereign ministries with the French company “Sorelik”.
The department said that the Paris Court of Appeal issued, on Tuesday, its ruling in the appeal filed by the Lawsuit Management to annul the ruling issued by the International Chamber of Commerce in Paris in December 2017, which decided to compensate the French company with 230 million euros, while obliging it to pay 150 thousand euros to the Libyan state in exchange for expenses Incurred.
The court also ruled to cancel the final arbitration award issued in favor of the French company in April 2018, to compensate it 452 million euros, and to oblige the company to pay 10 thousand euros to the Libyan state in exchange for the legal expenses it incurred in tracking the case.
