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.
Istanbul police detain 15 people and seize firearms, ammunition in PKK-linked operation
Turkish dailies on Friday covered extensively surrender of dozens of PKK terrorists to security forces in southeast
Wearing the insignia of foreign troops by the US is seen by Turkey as nothing more than hyprocrisy
Only country like Turkey should be considered for exportation of Israeli gas, says Israeli envoy
Approval delays, reluctant Congress push Turkey’s defense to develop indigenous systems, Turkish defense industry head says
Mevlut Cavusoglu says all Syrian ethnicities should have a part in future 'pluralist, libertarian' country
Jets bomb positions in Iraq's Sinat-Haftanin region and Turkey's Mardin province, destroying four targets
Turkish Airlines to provide aviation training and tech support to 56 of the Islamic Development Bank's member countries
Turkish FM Cavusoglu writes Turkey is 'ardent supporter' of African solutions for African issues
'Turkey has achieved great success in humanitarian assistance in recent years,' says the UN's Pierre Krahenbuhl in Istanbul
Turkish president wants one of the priorities of the government to be implementing constitutional changes to create a presidential system
Turkish dailies on Wednesday covered composition of new government and opposition MHP's decision to hold extraordinary congress next month
A new constitution and shifting to a presidential system will be top priorities, says PM Binali Yildirim
EU-Turkey refugee deal could collapse unless the bloc allows Turks visa freedom, says Turkish President Recep Tayyip Erdogan
Binali Yildirim says ruling party’s most important task is to usher in presidential system
Fiirst-ever World Humanitarian Summit organized by the United Nations in Istanbul dominated Tuesday's headlines