The Libyan state has won an arbitration case filed by the heirs of Tawfiq Gargour: a prominent businessman who owned several companies and facilities in Libya, the State Litigation Department reported on Wednesday.
The Department added that the heirs, Gracia Gargour and Mary Gargour, based in France, demanded compensation for their properties and businesses that were nationalized by the Libyan government in 1970 during the early years of the Gaddafi regime.
The State Litigation Department added that the arbitration tribunal ruled on June 09 in favour of the Libyan state, dismissing the plaintiffs’ claim of 424.4 million dollars plus 5.5 million dollars for legal fees and arbitration expenses. The tribunal also decided that each party should should account for its own costs.
The Department welcomed the ruling which it perceived as protective of the state’s interests and rights in accordance with the law. The arbitration case was based on the bilateral investment agreement between Libya and France, which aimed to encourage and protect investments between the two countries.