Kuwaiti newspapers reported on Monday that Libya will have to pay Kuwait's Kharafi group $930 million in damages for former Libyan dictator Muammar Gaddafi's decision to cancel the construction of a vacation resort in the Libyan capital, Tripoli that would have included hotel accommodation, villas and a shopping mall.
Various Kuwaiti newspapers reported Monday that the M.A. Kharafi and Sons, that is owned by one of Gulf state's biggest merchant families, and that in turn owns National Industries Group (NIG) is said to have won the award in arbitration proceedings via the Arab League.
The Kuwaiti media indicated that the contract to build the resort was signed by the Kharafi group with the former Gaddafi regime in 2006, and until 2010, the company reportedly spent large sums of money on feasibility studies, design and management contracts. Then in 2010 Libyacancelled the deal.
Then following an uprising in 2011 that eventually led to the February 17 Revolution, the Gaddafi regime was overthrown and the leader slain.
The Kharafi group claimed it had lost 90 years worth of revenue in the deal and used a joint investment protection agreement from the Arab League for the case, the newspapers said.
Various Kuwaiti newspapers reported Monday that the M.A. Kharafi and Sons, that is owned by one of Gulf state's biggest merchant families, and that in turn owns National Industries Group (NIG) is said to have won the award in arbitration proceedings via the Arab League.
The Kuwaiti media indicated that the contract to build the resort was signed by the Kharafi group with the former Gaddafi regime in 2006, and until 2010, the company reportedly spent large sums of money on feasibility studies, design and management contracts. Then in 2010 Libyacancelled the deal.
Then following an uprising in 2011 that eventually led to the February 17 Revolution, the Gaddafi regime was overthrown and the leader slain.
The Kharafi group claimed it had lost 90 years worth of revenue in the deal and used a joint investment protection agreement from the Arab League for the case, the newspapers said.
