By Libya Herald reporters.
Tripoli, 10 April 2017:
A claim worth over half a billion dollars against the Libya Africa Investment Portfolio (LAIP) has been thrown out by the High Court in London. It also ordered that $15 million of LAIP money held by the court should be returned to the company immediately.
The case was brought in 2012 by Catalyst Managerial Services (CMS) claiming $15.4 million in alleged unpaid invoices and more than half a billion dollars in damages for supposed wrongful termination of a contract made before the Revolution.
LAIP had always denied the claim in its entirety. In a statement this week it said CMS had admitted a “key agreement had not been signed with LAIP’s authority” despite CMS legal claims that it had.
“In the four and a half years since CMS first brought its claim LAIP has been steadfast in its defence that the claim was dishonestly brought and without merit,” LAIP’s managing director, Ahmed Kashadah, said in the statement.
“LAIP believes that the claimant, and those individuals behind it, sought to take advantage of the instability in Libya. LAIP will not tolerate such conduct and will continue to defend robustly all of its rights against individuals and entities that seek to exploit Libya’s circumstances in this way,” he added.
Last January, LAIP paid $15 million into the court to prevent CMS enforcing a previous summary judgement. This was appealed five months later and LAIP began a counterclaim for fraud against those behind CMS’ claim.
A statement by LAIP said CMS failed to adhere to court orders, had their case struck out and were told to pay cost incurred during the action.
At a hearing last month, attempts by CMS to extend the trial were thrown out, they were refused permission to appeal and ordered to pay costs.
