ICC arbitration awards Cypriot Olin Euro 18 million against Libyan state for expropriation and violation of national treatment and Fair and Equitable Treatment

An ICC tribunal in New York found (on 14 April) found that Libya breached its obligations to accord Cypriot company Olin Holdings Limited (Olin) Fair and Equitable Treatment (FET) and to treat Olin’s investments no less favourably than it treated Libyan nationals’ investments.

The tribunal also held that Libya had unlawfully expropriated Olin’s investments. The award had initially been made on 25 May 2018. Olin had initiated ICC arbitration in July 2014.

Olin had set up a dairy and juice factory in Libya in the 1990’s but the Qaddafi regime evicted the company in 2006 but similar nearby Libyan factories were not evicted.