Libya wins legal case against Brazilian companies seeking compensation

Libya wins legal case against Brazilian companies seeking compensation

The Libyan state has won an international legal case against two Brazilian companies demanding compensation for the alleged damage caused to them due to suspension of construction projects in 2011.

Libya’s Audit Bureau said it coordinated with the country’s Department of State Affairs in winning the arbitration dispute before the International Chamber of Commerce in Paris, which rejected the case filed against Libya by the Libyan-Brazilian company and the Brazilian company Odebrecht.

The Audit Bureau said in a statement on Thursday that the two companies demanded payment of LYD 129 million dinars in compensation and that a full report on the case was submitted since 2015.

The Audit Bureau valued the efforts of the State Department and the Follow-up Committee, calling for continued coordination between the judicial, supervisory and executive institutions to cut off the roads to those exploiting Libya's circumstances to seize their funds, according to the statement.

It is worth noting that the Audit Bureau had previously suspended the disbursement of compensation procedures and addressed management issues rejecting the settlement with the two companies, and then appealed the case

Source: The Libya Observer

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