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Libya: Will Gaddafi’s billions soon be unfrozen?

By Sarah Vernhes
Posted on Wednesday, 15 September 2021 19:07

Muammar Gaddafi at his residence in Bab el-Aziziya, Tripoli, on 10 April 2011. MAHMUD TURKIA/AFP

The last round of the dispute between the Kuwaiti group Al Kharafi and the Libyan Investment Authority (LIA) played out on 14 September before the Court of Cassation in Paris. The LIA may well end up losing several hundred million euros.

This is a burning issue for the Libyan Investment Authority. At stake is the Fnac building at Ternes in Paris, €150m of EMTN debt securities placed with Société Générale and several hundred million euros worth of securities placed with the BIA bank.

The Kuwaiti construction group is hoping for confirmation of the seizures it obtained in 2013, after the Egyptian arbitration court ruled in its favour.

Al Kharafi claimed nearly $1bn in compensation after a real estate project in Janzour, near Tripoli, was cancelled. This was because the contract signed in 2006, with the Libyan state, had never been finalised.