By Caroline Simson (Might 31, 2022, 7:05 PM EDT) — The D.C. Circuit has refused Libya’s bid to vacate an $89 million arbitral award issued to an Austrian building enterprise after its infrastructure tasks had been disrupted by the Libyan revolution, ruling that the tribunal wasn’t obligated to resolve a difficulty regarding greater than $100 million prematurely funds.
A 3-judge panel rejected Libya’s argument that the tribunal’s choice awarding Strabag SE €83 million ($89.1 million) was not remaining as a result of the arbitrators had refused to resolve whether or not the corporate ought to should return the advance funds that had been made to its oblique subsidiary, Al Hani Normal Building Co., for work…
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