International Chamber of Commerce in Paris rules against Turkish company Guris in US$ 190 million claim

Libya’s Overseas Disputes Department of the Supreme Judicial Council announced yesterday that the arbitration panel of the International Chamber of Commerce in Paris ruled against Turkish construction company Guris in its compensation claim.

It claimed that the final ruling announced on 23 November saved Libya about US$ 190 million in compensation claims.

Guris had made a claim against the Libyan state and the state-implementing entity, the Organisation for the Development of Administrative Centres (ODAC), by virtue of the bilateral treaty protecting and encouraging investments between Libya and Turkey.

Guris was claiming due to its inability to complete its Tripoli public park and the construction of buildings at the University of Tripoli due to the onset of the February 17, 2011, revolution.

All the Turkish company’s claims were rejected, and it was obliged it to pay the Libyan state lawyers’ fees amounting to 1.8 Euros, as well as arbitration expenses amounting to over 1,4 million Euros, from which 342,676 euros were deducted from Libya’s share in the arbitration expenses.