On Sunday, the Committee for Disputes Abroad in the Department of Cases in the Libyan State announced that the Public Treasury would be spared a loss of 69 million US dollars, the value of compensation in the arbitration case filed by the Turkish “Shukurova” company in the International Chamber of Commerce in Paris against the Libyan state.
The committee clarified – according to what was published on its official page – that the arbitration panel had ruled the case closed, due to the plaintiff’s lack of seriousness with charging them with arbitration expenses of $ 300,000 and obligating them to pay Libya an amount of 600,000 pounds sterling and 12,000 dollars with interest at a rate of 2% per month for what they incurred in arbitration expenses and attorney fees.
In a related context, the committee said that it provided an amount of 690 thousand Libyan dinars or its equivalent in Emirati dirhams to the public treasury, the value of what was decided by the Abo Dhabi Court of Appeal ruling in favor of the UAE Foundation for Advertising and Artistic Production for its supply of some artworks during 2001 and 2004 to the Libya Channel, after Abo Dhabi Court ruling and its judgment that the case is dropped, based on the appeal filed on behalf of the Libyan state.
It is worth noting that the Overseas Disputes Committee at the Department of Cases in the Libyan State announced early December last year that it had succeeded in sparing the public treasury a financial loss estimated at 350 million Egyptian pounds, the value of administrative seizure with some banks and other bodies in Egypt.
