Libya Says $27M Award Was Issued Under ‘Nonexistent’ Arbitration Agreement

Mealey's (July 28, 2022, 12:47 PM EDT) -- NEW YORK — The state of Libya in a July 27 appellant brief urges the Second Circuit U.S. Court of Appeals to reverse the confirmation of an award worth more than $27 million against it for attempting to expropriate land on which a Cypriot company had built a factory, arguing that the arbitration agreement under a bilateral investment treaty (BIT) no longer existed after the company chose to bring the same claims in Libyan courts....