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.
Troubles in Ukraine, Iraq, Syria and Israel are forcing airlines travelling between the east and the west to fly through Turkey.
"The U.S., Turkey, Qatar and Egypt have been working for the last five days to ensure an immediate ceasefire," Ahmet Davutoglu said
Turkey called on citizens to immediately leave Libya and avoid non-essential travel after airports were closed down due to shelling.
Turkish dailies reported Thursday on the latest developments of the operation in Istanbul and other cities against the police officers and officials in wiretapping probe, the latest clashes in Israel and Palestine and the Taiwan plane crash which left 51 dead.
Syrian refugee: “Syrians brought dynamism to trade here in Gaziantep”.
'We will continue to remind the world of the blood of innocent Palestinian infants and children,' Turkish PM Erdogan said.
Hamas does possess rockets that can reach Israel's Ben Gurion airport although the accuracy of the rockets does remain limited, the State Department said
Turkey's Constitutional Court rejects an appeal by opposition parties that Prime Minister Recep Tayyip Erdogan should resign to run for president
A woman who was 9 months pregnant was one of 170 Afghan and Syrian refugees saved by the Turkey Aegean Coast Guard.
Turkish President Abdullah Gul reiterated that Turkey s making tireless efforts in order that peace can be re-established in Syria and suggested to the Syrian refugees living at camps in the country that they take advantage of the amenities and opportunities which the government provides for them in such areas as health and education.
Salih Mirzabeyoglu, otherwise known as Salih Izzet Erdis, was locked up following Turkey's 28 February 1997 coup.
High-speed rail project linking Ankara and Istanbul to be opened on Friday after latest delays blamed on May sabotage.
Turkey's Deputy PM Bulent Arinc said a ceasefire must be declared at once between Palestine and Israel and demanded an end to the Israeli blockade of Gaza.
A major operation in Istanbul and other cities sees more police officers and officials detained in a wiretapping probe.
Erdogan said all international actors should condemn such inhuman attacks of Israel on innocent children in Gaza.
Turkish dailies reported Wednesday on the operation in Istanbul and other cities against the police officers and officials in wiretapping probe and the latest clashes in Israel and Palestine.