Libya's State Cases Department has won a lawsuit lodged at Paris court by the Indian company Simplex, demanding Libya to pay $ 165 million as compensation.
The Indian company based its allegations on what it considers "a violation of the bilateral treaty signed between the two countries in 2009" based on the promotion and protection of investments.
The contract signed between 2008-2009 provides that the company implements 4000 housing units in its facilities in the Qira Al-Shati and Wadi Al-Majineen.
The arbitral tribunal rendered an award on 7/23/2021, ordering the termination of the arbitral proceedings as Simplex failed to meet the arbitration costs.
"The ruling reinforces the crucial role of the Cases Department concerning foreign disputes with the efforts of its loyal sons," the department said in statement Monday.
It considered the step a great asset to the Libyan state, which requires all means of support to enable it to continue its role in defending public funds and caring for the public interest.
