The Libyan Investment Authority succeeded in obtaining a court ruling issued by the Paris Court banning Siba Plast company from seizing its assets in France and canceling the seizures that were made against the institution.
The Libyan Investment Authority clarified that this case began in 2014, after a ruling was issued by the Arbitration Chamber in Tunisia against the Libyan state in favor of the Tunisian Siba Plast company. In the year 2021, a seizure order was issued by the execution judge at the Paris Court of First Instance, and the Libyan Investment Authority received a notification of seizure of its assets in France, which the institution rejected by submitting its defenses before the court.
She added that the Court of First Instance in Paris decided this year 2022 to reserve the case for judgment after the institution submitted the defense memorandum, to rule this month to cancel the seizures that were made against the institution.