Kharafi wins $930m damages from Libya
Kuwait, May 20, 2013
Libya will have to pay Kuwait's Kharafi group $930 million in damages for former leader Muammar Gaddafi's cancelling of the construction of a vacation resort, Kuwaiti newspapers reported on Monday.
M. A. Kharafi and Sons, a company owned by one of Gulf state's biggest merchant families, won the award in arbitration proceedings via the Arab League, Al-Rai newspaper said, without giving its source.
Officials at Kharafi, which owns National Industries Group (NIG), National Investments Company, Al Mal Investment Company and a stake in telecoms, were not immediately available for comment on the report, which was also in Al-Qabas and Al-Jarida newspapers.
The Kuwaiti group signed a contract in 2006 with late leader Gaddafi's government to build the resort in Tripoli, which would have included hotel accommodation, villas and a shopping mall, the reports said.
The company spent money on feasibility studies, design and management contracts up until 2010, until Libya cancelled the deal, the newspapers said. An uprising in 2011 eventually led to Gaddaffi's death and his government's fall late that year.
The Kharafi group claimed it had lost 90 years worth of revenue in the deal and used a joint investment protection agreement from the Arab League for the case, the newspapers said. - Reuters
More Government & Laws Stories
- Saudi 'must name and shame corrupt officials'
- Libya's ousted PM Zeidan on way to Europe
- Bahrain set for big eGovernment forum
- Ministries under fire for 'failing to implement projects'
- Bahrain finance minister to be quizzed over irregularities
- 2 policemen hurt in Eker blast
- Libyan parliament sacks PM after tanker escape
- Saudi sets up panel on labour disputes
- Sand-dredging bill is hit by funding row
- Saudi rejects Maliki's charges on funding militants
- Independent foreign policy non-negotiable: Qatar
- Bahrain to crack down on bogus investments
- Bahrain urged to set up national plan to fight cyber crime
- Galfar ex-CEO gets 15 years' jail over bribes
- New law on family violence on the way in Bahrain
- Four blast suspects are remanded in Bahrain
- Bahrain to step up war on terror
- Norton Rose Fulbright moves London head to Dubai
- DSG ‘ready to implement Smart Dubai Strategy’
- Iraqi women protest new draft law
- Bahrain police 'face more danger in line of duty'
- Saudi names Brotherhood as terrorist group
- Qatar outraged over terror claims
- Bahrain PM condemns exploitation of children
- Qatar will not alter foreign policy: source
- Bahrain accuses Iran of fomenting trouble
- 'Put security before rights' in Bahrain: publisher
- 'Hizbollah trained Daih blast suspect'
- Key terror blast suspects named in Bahrain
- $2.6m Royal Fund for martyrs set up