France halts Al-Kharafi asset seizures

The French Court of Cassation has upheld the dismissal of the Kuwaiti Al-Kharafi Company’s appeal and annulled the seizure procedures on the assets of the Libyan Investment Authority in France. This decision comes within the context of a dispute that began in 2006 over a tourism project in Tripoli. The court confirmed that the assets the company attempted to execute upon are not contractually or legally obligated to the Authority, and that the seizure procedures were not legally communicated to it. This ruling strengthens the position of the Libyan Investment Authority and confirms that execution cannot be carried out against its assets, despite the ongoing dispute which includes other attempts by the company to access Libyan assets abroad. The judgment aims to protect the Authority’s funds, managed within a large sovereign-muter, amid ongoing legal disputes with Al-Kharafi and other parties.

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