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The Libyan Investment Authority succeeds in revoking the bookings of Al-Kharafi Group in France.

Pulbished on:

 Tripoli, 7 September 2022 (Lana) The Libyan Investment Authority (LIA) has gained a new judicial victory, with the French Court of Cassation ruling issued on Wednesday invalidating the executive bookings signed by the Kuwaiti Al-Kharafi Group on the assets of the Libyan Investment Authority in France.

  A statement by the Foundation said that with this judgment issued by the highest French court, which is considered the largest in its history, the authority blocked the way for attempts by the Al-Kharafi Group to use the authority’s funds to implement the arbitration award issued in its favor against the Libyan state worth more than one billion US dollars, where the court upheld the arguments and legal defenses submitted by the authority.

The Foundation stressed that this victory is added to the record of judicial victories achieved by the Libyan Investment Authority, which reflects the success of the Corporation in implementing its strategy for the path of asset protection, to confirm that it enjoys legal personality and independent financial liability, and the Corporation rejects any attempts to harm its assets and is keen to protect them as a sovereign wealth fund for future generations.

 In its statement, the Libyan Investment Authority stressed the continuation of its efforts through its legal team headed by Dr. Ali Mahmoud Hassan in confronting the attempts of Al-Kharafi Group to implement its arbitration judgment on the assets of the institution and its affiliates around the world.

=Lana=