Libya wins an arbitration case filed by the Korean Shinhan Construction Company.

2023-04-27 18:22:43

The Libyan Cases Department announced the success of the arbitration case filed by the Korean Shinhan Construction Company against the Libyan state based on the bilateral investment agreement between Libya and Korea to encourage and protect investments.

The Cases Department added that the company is claiming compensation of an estimated value of 660,560,359 Libyan dinars, with accrued interest until the date of full payment, and compensation for all legal expenses incurred in the arbitration case.

And it stated that the Korean company claimed that the contracting parties with it, two agencies for the development and development of administrative centers and the implementation of housing and facilities projects, had violated the implementation of 4 projects related to contracts for the construction of residential buildings and infrastructure contracts in Zliten, Tripoli and Zawiya.

The Cases Department stated that on 4/18/2023, the arbitral tribunal ruled to reject all of the plaintiff’s requests and oblige it to pay $194,931.10 in arbitration costs, and an amount of £1,267,083 in attorney’s fees and costs of experts and witnesses incurred by the state of Libya, within 60 days from the date of notification. With this final judgment, and after this date, the amount due will bear interest at the rate of 5% per annum multiplied twice until the date of full payment of the amount.