The French Court of Cassation has ruled in favour of Libya, overturning a previous judgement requiring Libya to pay $21 million to a Turkish company.
This announcement was made in a statement by the Libyan Supreme Judicial Council’s Legal Affairs Department on Sunday.
According to the department’s official statement, the recent judgement from the French Court of Cassation nullifies and overturns the 14 March 2023 decision by the Paris Court of Appeal in its entirety.
Additionally, the ruling reinstates the case and the involved parties to their status prior to the issuance of the overturned judgement.
The case dates back to an appeal filed on behalf of the Libyan state against the Turkish company before the French Court of Cassation.
The appeal challenged the initial decision by the Paris Court, which had granted an enforceable order to the arbitral award issued by the Paris Chamber of Commerce in favour of Ettrak, mandating that Libya pay $21,344,404 plus associated costs.
