Libya's Foreign Bank wins lawsuit against Tunisia’s LMS over debt

Libya's Foreign Bank wins lawsuit against Tunisia’s LMS over debt

June 16, 2017 - 15:21
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Written by: AbdullahBenIbrahim

A court in Tunisia has delivered its final verdict ruling in favour of the Libyan Foreign Bank over Tunisia’s LMS International Trading Company.

The Tunisian Court of Appeal dropped claims of LMS that the Libyan Foreign Bank had failed to pay off millions of dollars in debt.

The legal fight started when LMS filed a lawsuit against the Libyan Foreign Bank in the Tunisian Court of First Instance, alleging unpaid debt of over $ 108.700 million.  

A statement by the Libyan Foreign Bank indicated that the Tunisian court issued an emergency ruling freezing the bank’s funds in Tunisia.

The Libyan Foreign Bank appealed against the ruling at the Tunisian Court of Appeal, which dropped the claims of the Tunisian company on June 14.

The Court of Appeal also decided to levy a fine against the plaintiff for the false claim.

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