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05:40, 20 February 2017 Monday
13:53, 03 September 2011 Saturday

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Libananco case ends in favor of Turkey
Libananco case ends in favor of Turkey

The International Center for Settlement of Investment Disputes has concluded the Libananco case between the Republic of Turkey and the Uzan Family.


The Turkish energy minister said on Saturday that Turkey had gotten rid of a "hunchback" with the latest ruling in the 6-year-long Libananco case.

The International Center for Settlement of Investment Disputes (ICSID) has concluded the Libananco case between the Republic of Turkey and the Uzan Family, taking a decision in favor of Turkey in the $10.1 billion case.

Commenting on the decision, Turkish Energy & Natural Resources Minister Taner Yildiz said Turkish authorities had been working hard on this case for the past six years.

"Turkey has gotten rid of a bloodsucker, a hunchback. It is like cutting of an arm with gangrene," the minister said.

Yildiz said the ruling showed that Republic of Turkey would not tolerate the lawless, besides, it was a major success in terms of international law.

The minister also said Turkey had not made any political moves to intervene in the legal process.

Thanking ICSID for its good judgement, Yildiz said, "We had always expressed our confidence in them, and fortunately, our trust was not wasted. This case was about an international robbery and the arbitration body did not tolerate it".

In 2003, Turkey's Ministry of Energy & Natural Resources seized Uzan Group's CEAS and KEPEZ companies in the light of an application by Turkey's Energy Market Regulatory Authority (EPDK).

Upon such development, Libananco Holdings Co. Ltd., which introduced itself as a company operating in the southern part of Cyprus, claimed that it was a partner of the said companies, and thus, it suffered loss due to the seizure.

With such claims, the company carried the issue to ICSID and filed a $10 billion lawsuit against Turkey.

ICSID reached a verdict in the years-long case in favor of Turkey on Friday.

AA


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Press agenda on February 19
Press agenda on February 19

Here are the main topics World Bulletin’s English Desk plans to cover Sunday Feb. 19, 2017 (coverage may change depending on developing/breaking stories): BAGHDAD Iraqi forces launch an offensive on jihadists defending Mosul's west bank, in what could be the most brutal fighting yet in a four-month-old operation on the city. 700 words 0530 GMT by Ammar Karim and Jean-Marc Mojon US-militant-Egypt-prison,2ndlead WASHINGTON The sheikh Omar Abdel Rahman, an Egyptian-born cleric linked to the 1993 World Trade Center bombing, dies at 78 in a US prison facility after a long battle with diabetes and coronary artery disease. 650 words moved by Maggy Donaldson. File Picture Ukraine-Russia-conflict,WRAP MOSCOW A truce between government forces and pro-Russian rebels in eastern Ukraine will come into force Monday, Moscow and Kiev say, though some separatists are already labelling it unfeasible. 500 words moved by Anais Llobet Entertainment-film-festival-Germany,WRAP BERLIN Hungary's "On Body and Soul", a love story set in a slaughterhouse, wins the Golden Bear top prize at the Berlin film festival, Europe's first major cinema showcase of the year. 700 words moved by Deborah Cole. Picture. Video Also moved: Entertainment-film-festival-Germany-prizes,FACTS Entertainment-film-festival-Germany,POINTS Entertainment-film-festival-Germany-winners,CHRONO -- ASIA -- NKorea-Malaysia-diplomacy-community,SCENE KUALA LUMPUR Malaysia's only North Korean restaurant promises a glimpse into life in the reclusive state but it has been shuttered since news broke of the assassination of leader Kim Jong-Un's brother, with security guards turning customers away. 650 words 0600 GMT by Elizabeth Law. Picture. Video -- AMERICAS -- US-politics-Trump-Melania,lead MELBOURNE, Florida First Lady Melania Trump, usually a demure and soft-spoken presence at her husband's side, breaks with form, reciting the Lord's Prayer before issuing a scathing rebuke of his enemies and her critics at a campaign-style stop in Florida. 600 words moved by Michael Mathes with Stephanie Griffith in Washington. Picture. Video. US-media-politics-technology WASHINGTON As President Donald Trump warns of a crackdown on US government leaks to media, interest is growing in technology tools that allow sources to share information anonymously. 750 words moved by Rob Lever Venezuela-politics-opposition-US CARACAS Venezuela and the United States lock horns again over political prisoners held by Caracas, including over the detention of a jailed opposition leader whose supporters took to the streets of the capital to demand his release.