Did Libya win a $10 billion case?
The “New Libya” Facebook page published an allegation about a Libyan lawyer named “Mustafa Al-Manaa” winning a $10 billion case against a Kuwaiti company seeking to seize Libyan assets before the French judiciary. This allegation received more than 6000 interactions and 500 comments
Checking:
Falso team verified the veracity of the allegation and found that the case belongs to the Kuwaiti company, Al-Kharafi ,against the Libyan state. It has been filed since 2011. Disputes around the case have lasted for more than ten years.
The verdict was in favor of Al-Kharafi Company. The Libyan state was obliged to pay a compensation around $937 million, plus interest worth 4%. Asset preservation orders were issued on the institution and on the Libyan Investment Authority.
During those years, Libya appealed the judgments issued by the French courts of appeal. The French Court of Cassation issued a final ruling in favor of the Libyan Investment Authority stating that the preservation order on its assets was lifted on September 2022. This refutes the allegation that the case was won in favor of Libya.
This allegation was published after a decision by the Ministry of Economy and Trade to withdraw the permission issued to Al-Kharafi Company to establish a touristic resort in Libya in 2010.
It is worth mentioning that lawyer Mustafa Al-Manaa is one of the members of the Board of Directors of the Libyan Investment Authority, which assigned lawyer Alain Bénabent to plead in the recent appeal case.
Thus, this allegation is false.
Allegation Link:
Verification Links:
Case background story
