Yesterday, Wednesday, the Libyan Litigation Department announced that the External Disputes Department headed by Counselor Ahmed Bazama won the arbitration case filed by the Korean Shinhan Financial Group against the Libyan state, in which it demanded compensation of more than 660 million dinars.
The Litigation Department stated that the Korean Group demanded compensation of more than 660 million Libyan dinars, with interest due until the date of full payment and compensation for all legal expenses incurred in the arbitration case, after claiming a breach by the Libyan parties contracting with it. On the implementation of 4 projects related to contracts for the construction of residential buildings in the cities of Zliten, Tripoli and Zawiya.
It added that the arbitral tribunal ruled to reject all the claims of the plaintiff company and oblige it to pay the arbitration costs incurred by the State of Libya within 60 days from the date of notification of this final ruling, and to pay the Libyan State an amount of one million and 267 thousand pounds sterling for attorney’s fees, experts’ costs and witnesses incurred by the State of Libya in the arbitration.