After the collapse of the regime and the disintegration of Libya, many of these companies resorted to international arbitration to obtain compensation, after their business stopped due to the events of the Libyan revolution, and the political and security tensions that followed, benefiting from provisions in the investment law that permit resorting to international arbitration. The Turkish construction company Cengiz Ensat also won a legal ruling against the State of Libya, requiring it to pay 50 million euros for contracts completed by the group before 2011. As for the largest compensation that the Libyan State is now threatened to pay, it is to the Kuwaiti Al-Kharafi Company, with a value that has now exceeded 1.150 billion dollars due to interest. Despite its departure from the country in February after exhausting the full value of the contract without any completion, this company resorted to… to international arbitration to demand 129 million Libyan dinars. According to the Audit Bureau, the Housing and Utilities Projects Authority addressed the Audit Bureau with the need to release some balances in order to complete the executive formula based on the compromise ruling with the company, which the Bureau rejected due to suspicions of corruption in the contract at all its stages, starting from the date of its conclusion in 2007.

Source: Libya Today November 03, 2023 18:33 UTC