A Paris appeals court has annulled the enforcement order issued by the President of the Paris Court of First Instance, granting the enforcement of an arbitration award in favour of three Swiss companies against Libya.
This decision was announced by the Litigation Department of the Supreme Judicial Council of Libya.
The ruling, dated 5 September of 2023, pertains to a lawsuit filed by three Swiss companies, against Libya in Geneva on 27 March 2017. In the lawsuit, the Swiss companies sought financial compensation totalling €30 million euros.
The judgment favoured Libya, based on objections raised concerning the jurisdiction of the arbitration tribunal. The Swiss companies claimed to have entered into settlement agreements with the Libyan Ministry of Finance, represented by an individual named, Eric Graf.
However, the court found that this representation was not legally valid.
According to the statement, the judgment has spared the Libyan state from making the claimed financial payment of €30 million euros, which was based on settlement agreements alleged to have been signed under an illegal representation.
Last year, the Libyan Investment Authority (LIA) said that it had managed to prevent the Swiss company, Galoli and its partners from seizing its assets in France.
In a statement, the LIA explained that this arose against the background of a legal dispute that has occurred with the Swiss company since 2011.
The LIA confirmed that it had obtained two court rulings to annul the Swiss acquisition.
It added that the Swiss company had contracted with Libyan government agencies in 2008, to provide media services. However, the company exploited the events of 2011 to claim financial compensation and entered into a legal dispute with the corporation.
