The Libyan Cases Department has announced that it won an arbitration case filed by the Korean Shinhan Construction Company against the Libyan state.
The Department revealed in a statement Thursday that the filed case was based on a bilateral investment agreement between Libya and Korea to encourage and protect investment, according to the Department.
The Cases Department reported that the value claimed by the Korean company from Libya amounted to more than 660 million Libyan dinars, with interest due up to the date of payment.
The Korean company had claimed that the contracting parties had breached the contract regarding the implementation of 4 housing and infrastructure projects, according to the Department.
The arbitral tribunal rejected the claims of the plaintiff company, in addition to obliging it to pay the cost and lawyers' fees incurred by Libya, according to Department’s statement.
