The Litigation Department of Libya’s Supreme Judicial Council reported last week that the Libyan state achieved ”another victory” after it obtained a ruling from the Tunisian Court of Cassation on 16 March stopping the implementation of an arbitral award against the Libyan state.
The ruling annulled a ruling issued by the Court of Appeal in Tunisia which came as a result of an appeal against the judgment of appeal in absentia regarding the implementation of the arbitral award obtained by the Tunisian company Siba Plast, on 14 April 2015, which obligated the Libyan state to pay the amount of 274,974,500,00 million euros.
The Libyan Investment Authority reported last week that for the second consecutive time it has succeeded in obtaining a court ruling in its favour preventing the Tunisian company Siba Plast from seizing its assets in France.
It explained that this latest ruling cancels and invalidates the reservations that were made in France against its assets, and this came after the LIA had submitted its defence before the French judiciary based on the principle of the LIA’s independence as an entity.
The LIA explained that Sib Plast had placed several seizures on its assets abroad, but it responded to this and prevented any prejudice to its assets, by filing separate cases for each seizure separately and obtaining court rulings in its favour.
The LIA stated that this ruling closes the door on the attempts by Siba Plast against it and closes the curtain on matter.
Source: Libya Herald
