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The Libyan External Disputes Department of the Cases Department headed by Counsellor Ahmed Mukhtar Bazama (Head of the Cases Department and Chairman of the Overseas Disputes Committee) reported yesterday that it had won an arbitration case against South Koreas Shinhan Engineering and Construction Company.

The case was filed by the Korean company against the Libyan state based on the bilateral investment agreement between Libya and Korea to encourage and protect investments.

LD 661 million compensation claimThe Libyan External Disputes Department reported that Shinhan was claiming compensation of LD 660,560,359.00 with accrued interest until the date of full payment, and claiming compensation for all legal expenses incurred in the arbitration case. Shinhan had claimed the breach of the contracting parties (the state Organisation for the Development of Administrative Centres (ODAC) and the Housing and Infrastructure Board (HIB) to implement four projects for the construction of residential buildings and infrastructure in each of Zliten, Tripoli and Zawiya.

On 18 April 2023, the arbitral tribunal rejected all the plaintiffs requests and obliged it to do the following:

1- Paying a sum of money to the Libyan State to the amount of 194,931,10.00 USD, the costs of arbitration incurred by the State of Libya, within 60 days from the date of notification of this final judgment, and after this date, the amount due will bear interest at the rate of 5% annually, doubled until the date of full payment for the amount.

2- Paying a sum of money to the Libyan State to the amount of 1,267,083.00 pounds sterling, attorney fees, costs of experts and witnesses, incurred by the State of Libya in the arbitration, within 60 days of notification of this final judgment, and after this date, interest will be charged on the amount due at the rate of 5% annually, multiplied twice until the date of full payment of the amount.

The Cases Department extended its sincere thanks and gratitude to all public agencies that provided assistance to the cases management, and all workers in the HIB and ODAC in providing information, documents and facts supporting the defence in the case.

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Libya wins defence in case against Korea's LD 661 million Shinhan ... - Libya Herald