French court orders payment of Libya’s debts to Swiss companies

French court orders payment of Libya’s debts to Swiss companies

September 05, 2022 - 15:42
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Written By: MohamedAhmed

A French court has issued a ruling ordering the repayment of Libya's debts during the Gaddafi rule to three Swiss companies, through the assets of the National Oil Corporation, according to a report published by Jeune Afrique magazine.

The Paris court considered that the National Oil Corporation, which was directly supervised by the Libyan state, was required to redeem the Swiss companies “Jallouli Communications Easy Media Group”, “Sysmed Travel” and “ Hopital de La Tour”.

The three Swiss companies were able to win the case in the initial phase, paving the way for the recovery of debts from the assets of a state oil company based in France.

Jeune Afrique stated that the decision of the Paris Court was denounced by the Libyan Oil Corporation, but all the data proved that the company’s allegations are wrong by recognizing that the National Corporation is emanating from the Libyan state.

According to Jeune Afrique, the French judiciary authorized the three Swiss companies to recover their debts from the Libyan state through the assets of the joint venture "Mabrouk Oil" in France, and this tangibly means that the National Oil Corporation compensates these companies for the proceeds of selling their shares in the Mabrouk Oil Company.