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By Libya Herald reporter.
Tunis, 23 March 2017:
The Libya Africa Investment Portfolio (LAP/LAIP) has won what appears to be the final round in its five-year multi-million-dollar legal battle with Dubai-based Catalyst Managerial Services (CMS),
On Tuesday, the High Court in London struck out a $15.4 million claim by CMS for alleged unpaid invoices and some $500 million for the supposedly wrongful termination of its contract with LAIP prior to the revolution.
LAIP’s position has been that the CMS claim was without legal basis. Initially, in July 2015, a court in England ruled in CMS’ favour, but this was overturned on appeal in May last year. According to a press statement, LAIP was then given permission by the court to make a fraud counterclaim against CMS’ director as well as a former employee of LAIP itself.
“LAIP is delighted that CMS’ claim has been struck out in its entirety,” explained Ahmed Kashadah, LAIP’s managing director was quoted in the statement.
“LAIP has consistently taken the position that this claim had no foundation or merit and was being fraudulently advanced by a party and individuals seeking to take advantage of the present instability in Libya. LAIP is now committed to pursuing all of its rights and ensuring full accountability. LAIP will continue in its commitment to rely on the judicial process to protect LAIP’s assets from abuse, from both internal and external forces, who have sought to leverage the current instability that exists in the country to the detriment of the fund.”
CMS was ordered to pay LAIP’s costs.
