Libya’s State Cases Department has won a case filed by the Indian corporation Simplex in a Paris court, that requested Libya pay $165 million in damages.
The Indian firm’s claims are based on what it perceives to be a “violation of the bilateral treaty inked between the two nations in 2009,” regarding investment promotion and protection.
According to the contract, the company would have built 4,000 housing units in its facilities in Qira Al-Shati, and Wadi Al-Majineen between 2008 and 2009.
The arbitral tribunal rendered an award on 23/07/2021, ordering the termination of the arbitral proceedings as Simplex failed to meet the arbitration costs.
In a statement on Monday, the department said: “the ruling reinforces the crucial role of the Cases Department concerning foreign disputes with the efforts of its loyal sons.”
It added that the step was a “great asset to the Libyan state, which requires all means of support to enable it to continue its role in defending public funds and caring for the public interest.”