No Result
View All Result
Monday, March 27, 2023
20 °c
Tripoli
17 ° Tue
17 ° Wed
17 ° Thu
20 ° Fri
  • Advertising
  • Contact
LibyaHerald
 
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Libya

Kuwaiti group tries to seize Qaddafi’s jet

byMichel Cousins
October 17, 2015
Reading Time: 2 mins read
A A
19
SHARES
84
VIEWS
Share on FacebookShare on Twitter

By Libya Herald reporter.

Libya A340
The Airbus 340 at Orly Airport two years ago (with acknowledgement to Michel Carron http://michel-charron.pagesperso-orange.fr)

Tunis, 16 October 2015:

A Paris court will rule on Monday, 18 October on an attempt by the Kuwaiti . . .[restrict]Al-Kharafi Group to seize a Libyan plane in France as part of moves to recoup a billion dollars awarded it by a Cairo arbitration court.

The Al-Kharafi Group is attempting to seize Qaddafi’s A340 Airbus which he bought from Saudi Prince Alwaleed bin Talal for €120 million in 2003. Damaged during the revolution, it was sent to France for repairs and has been there ever since.

French lawyers acting for Libya are claiming sovereign immunity in the case.

RELATED POSTS

Tripoli Chamber of Commerce to lead a delegation to Kuwait in February 2023

Top law firm joins new British Libyan Business Association

An arbitration panel in Cairo had ordered Libya in March 2013 to pay nearly a billion dollars to the Kuwaiti company for the loss of 90 years’ potential income from a cancelled Tripoli tourism project.

The Kharafi Group had been given the damages in arbitration proceedings organised by the Arab League as part of the Unified Agreement for the Investment of Arab Capital in Arab States.

Since 1992, the Arab Convention on Commercial Arbitration has worked under the aegis of the League.

The Kuwaiti group, owned by one of the richest merchant families in the Gulf, has a $4-billion annual turnover. It had agreed in 2006 to develop a $130-million Holiday Inn-branded resort in the Tajoura area of Tripoli, to be completed in 2011.

Besides a 252-room hotel, it would have included 100 villas, a shopping mall, a convention centre, spa and 1.4 km of beach with a club and water sport facilities. When Kharafi established its subsidiary Sovereign Hospitality Holdings in 2008, the project was transferred to it.

Until the uprising, when the deal was apparently cancelled, the Kuwaitis said that they had invested in feasibility studies, design and management contracts. These have been estimated at around US$ 5 million. However, the major part of their claim was for the loss of projected profit which they put at LD 1.2 billion, plus interest.

Arbitration award against Libya to Kuwaiti Kharafi Group
1 US$ 30 million Compensation for ‘‘moral damages’’
2 US$ 5 million Representing the value of losses and expenses.
3 US$ 900 million Compensation for lost profits resulting from real and certain lost opportunities.
4 US$ 1.94 million Arbitration costs and expenses.
5 4% interest rate Shall apply to all amounts awarded from date of issuance of decision until full settlement
Total: 936, 940 million

 

It is thought that this may be the first such ruling on loss of future income by the Arab Convention on Commercial Arbitration, which was in part designed to protect Arab investors in other Arab League countries. [/restrict]

Tags: KuwaitLibya
Share8Tweet5Share1

Related Posts

Weighbridge checkpoint activated east of Tajura
Libya

Weighbridge checkpoint activated east of Tajura

March 25, 2023
Organ transplant services resume in Libya, restoring public trust in state system: Ministry of Health
Libya

Health Ministry discusses with Libyan-German Scientific Council partnership in localising healthcare

March 24, 2023
Organ transplant services resume in Libya, restoring public trust in state system: Ministry of Health
Libya

Health Ministry launches its ‘‘Health Vision 2023’’ plan for the next five years

March 24, 2023
Public Prosecutor detains 52 accused of being behind the sale of rotten onions
Libya

Public Prosecutor detains 52 accused of being behind the sale of rotten onions

March 21, 2023
HoR condemns Serraj’s foreign intervention call
Libya

HoR elects six members of the 6+6 joint committee to draft election rules

March 21, 2023
In the year that Libya hopes to hold elections, decision declaring all previously registered NGOs void is now deemed binding
Libya

In the year that Libya hopes to hold elections, decision declaring all previously registered NGOs void is now deemed binding

March 20, 2023
Next Post

Formal transfer of Amazigh Supreme Council

Libyan Wings formally inaugurated in Tripoli

 

Advertise on LibyaHerald

Reach thousands of our site visitors daily

240 x 400px

Advertise Here
ADVERTISEMENT

Top Stories

  • Big Chefs Turkish restaurant chain opens its first branch in Tripoli – the first in Libya and Africa

    Big Chefs Turkish restaurant chain opens its first branch in Tripoli – the first in Libya and Africa

    260 shares
    Share 107 Tweet 64
  • Libya generates 8,200 MW of electricity for the first time ever: GECOL

    153 shares
    Share 62 Tweet 38
  • Libya discusses the reopening of airspace to its carriers with Italy’s ambassador

    94 shares
    Share 38 Tweet 23
  • Railroads Libya visits sites to follow up on damage and loss of equipment

    67 shares
    Share 27 Tweet 17
  • HoR elects six members of the 6+6 joint committee to draft election rules

    64 shares
    Share 26 Tweet 16
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

Benghazi Coding Academy preparing to open to provide youth with digital skills

Misrata Free Zone prepares 565 hectares for use by investors for their projects

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    No Result
    View All Result
    • Login
    • Sign Up
    • Cart
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Sign In with Facebook
    Sign In with Linked In
    OR

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Sign Up with Facebook
    Sign Up with Linked In
    OR

    Fill the forms bellow to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
    Are you sure want to unlock this post?
    Unlock left : 0
    Are you sure want to cancel subscription?