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Home Construction & Engineering

Libyan Government Bids to Overturn €50m Compensation Payment to Cengiz in Paris

11th March 2021
in Construction & Engineering
Libyan Government Bids to Overturn €50m Compensation Payment to Cengiz in Paris
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The news organisation Africa Intelligence reported that French courts will consider, on 16 March, Libya's legal action to contest the arbitration ruling ordering it to pay out nearly €50m to the Turkish construction firm Cengiz.

Both sides are scheduled to appear before the Paris court of appeal which Africa Intelligence report said would be a tense hearing.

According to the report, "Tripoli is bidding to overturn an arbitration ruling handed down in 2019 by the International Chamber of Commerce (ICC) in Paris-a very unusual recourse in this kind of legal dispute." The ICC magistrates ordered Libya to pay €50m in compensation to the Turkish firm Cengiz, "which has yet to seek the execution of this ruling by seizing Libyan assets."

Tags: CengizCourt of AppealFranceLibyaParisTurkey

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