The Libyan African Investment Portfolio (LAP) announced on Wednesday it had won an appeal against a UK court judgement, which awarded millions of dollars to the Dubai-based Catalyst Managerial Services (CMS) in alleged unpaid invoices.
LAP said the London High Court dropped the case lodged by CMS on Tuesday.
The London High Court ruled against LAP in 2016 and awarded $15.4 million in damages to Catalyst Managerial Services (CMS).
The LAP rejected the court ruling and decided to appeal, accusing CMS of fraud and exploiting chaotic situations in Libya to win the case.
“We are glad that the court has ruled to drop CMS claims. We said from the beginning that their claims are baseless,” The Executive Director of LAP Ahmed Kshada said in statement on Wednesday.
The LPA statement indicated that CMS had failed to provide the required documents by the judge during the appeal hearings in February and March 2017.
Catalyst filed a lawsuit at the London High Court in 2014 alleging wrongful termination of $80 million worth of contracts signed with LAP in 2009 to provide management services and development and sought $500 million in damages from LAP as well as claiming $15 million in unpaid invoices