The Libyan State Lawsuits Department announced that the Paris Court of Appeal ruled on September 5, 2023, to cancel the order of the President of the Paris Court of First Instance issued on February 12, 2018 to grant the executive version of an arbitration award issued in favor of three Swiss companies against Libya.
The ruling came in the lawsuit filed by the Swiss companies against Libya in Geneva on March 27, 2017, in which they demanded financial compensation amounting to 30 million euros.
The ruling came in favor of Libya based on the defenses it had presented regarding the lack of jurisdiction of the arbitration panel, as the Swiss companies claimed that they had concluded settlement agreements with the Libyan Ministry of Finance represented in the name of a person called "Eric Graf", but the court found that this power of attorney was illegal.
The Department said that the ruling made the Libyan state avoid paying 30 million euros that were claimed in the settlement agreements that had been allegedly signed based on an illegal power of attorney.
