LFB wins Tunisian US$ 109 million appeal case
By Sami Zaptia.
London, 16 June 2017:
The Libyan Foreign Bank (LFB) has announced that a Tunisian court has ruled in its favour in the case brought against it by Tunisian company LMS for US$ 108.7 million.
LMS had claimed in a Tunisian court that LFB had owed it payment for fuel shipments during the Libyan 2011 revolution and convinced the Court of First Instance to freeze all the accounts of the LFB in Tunisia.
However, LFB appealed and convinced the court of appeal that LMS had in fact failed to deliver all the fuel shipments agreed upon and as a result the appeal court lifted its freeze on the LFB’s accounts this Wednesday.