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.
Turkish AK party candidate has been elected Turkish parliament speaker
Turkish police have detained 7 people suspected of being part of ISIL
The Turkish army has boosted security on the border with Syria
Turkish newspapers on Wednesday focus on ongoing voting for the country's parliamentary speaker
Volkan Bozkir is closely watching developments in Greece since it directly effects Turkey as well
A top aide of Recep Tayyip Erdogan has said that the increased border security is a preventative measure.
Ismet Yilmaz, Deniz Baykal, Ekmeleddin Ihsanoglu and Dengir Mir Mehmet Firat are the four candidates contesting for the post
A temporary accommodation center has been established in the Suruc district of Turkey's southeastern Sanliurfa province that can host up to 35,000 people
Turkey's Foreign Ministry 'deeply concerned' over reports China banned Ramadan for Party members, including civil servants, students, teachers
Turkish dailies on Tuesday reported on the National Security Council regarding 'possible threats' on Syrian border
Turkish newspapers on Monday focus on the country’s National Security Council meeting regarding the conflict in Syria
Int'l group looking at ways it can help Turkey's 'solution process' hopes to learn from Philippines peace process
'We wish God’s mercy on those who lost their lives,' Turkish Prime Ministry says
Turkey has sent nearly 2,000 vehicles full of humanitarian aid to Kobani since September 19, 2014
Turkey already had 10km of walls with its border but will be constructing more to crack down on illegal border crossings.