2024-04-17 10:31:09
The Libyan Investment Authority launched arbitration proceedings against Belgium at the International Center for Settlement of Investment Disputes, which is part of the World Bank, against the backdrop of a Brussels court last July ruling to confiscate about 15 billion euros of its assets as part of a dispute with Belgian Prince Laurent.
According to “The National News” newspaper, Laurent, who was until recently the heir to the throne of Belgium, is seeking to obtain an amount of 67 million euros from Libyan funds after they were frozen in exchange for projects implemented by the “Global Fund for Sustainable Development” aimed at reforesting the desert areas in Libya.
International arbitration lawyer William Kirtley, in a statement to The National newspaper, was surprised that a state-linked institution would seek arbitration, explaining that such institutions are the most vulnerable to attack in international arbitration.
Kirtley added that the arbitration process is similar to a lawsuit that takes about three years, pointing out that the Libyan Investment Authority is likely looking for more impartial courts than the Brussels courts, in which they have lost confidence.
The dispute between the Libyan Foundation and the Belgian Prince dates back to 2008 when the contract was signed for the first time between the General Secretariat for Development and Libya, before it stopped in 2011, and Prince Laurent had been seeking 37 million euros in addition to interest since then – and the number has now reached 67 million. Million euros and counting.
The international community froze the assets of the Libyan sovereign wealth fund, amounting to $67 billion, to prevent them from falling into the hands of Gaddafi or his supporters. Sanctions remain in place due to what it describes as the ongoing “civil war.”
It emerged in 2015 that the Libyan Investment Authority had somehow been allowed to transfer two billion euros in interest from 13 billion in funds frozen under sanctions and held in the Euroclear clearing bank in Belgium.
Prince Laurent then requested a criminal investigation against the Libyan Investment Authority and the banks involved in relation to embezzlement, money laundering and criminal organizations in an attempt to recover his money.
This led to the issuance of an Interpol Red Notice against the CEO of the Libyan Investment Authority, Ali Mahmoud, which was subsequently lifted.
The National newspaper said that it contacted the Libyan Investment Authority and the Belgian Ministry of Foreign Affairs, in addition to lawyers for both parties, but they refused to comment or did not respond.
Source: The National News
2024-04-17 10:31:09