The Libyan Investment Authority (LIA) welcomed the ruling issued yesterday by the French Court of Cassation in its favour.
The ruling rejected the appeal filed by the Kuwaiti Al-Kharafi Company and upheld the judgment declaring the invalidity of the seizure measures the company had taken against the LIA’s assets in France.
The LIA clarified in its welcoming statement yesterday that this case concerned seizure measures of which it had not been notified as required by law; it only became aware of them at a later stage. Upon discovery, the LIA immediately initiated all necessary legal proceedings to challenge the measures and defend its rights, culminating in a final and binding judgment in its favour.
This ruling, the LIA stated, confirms the soundness of its legal position and establishes that its assets cannot be subject to enforcement based on an arbitration award to which it was not a party. It further confirms the absence of any contractual relationship or legal obligation linking it to the Kuwaiti Al-Kharafi Company.
The LIA reaffirmed its commitment to pursuing all necessary legal measures to protect its assets and safeguard its rights, in the best interests of the Libyan people.