CBL unfreezes $100m at French Bank

By John Lee.

The Central Bank of Libya (CBL) has announced that a French court has ruled in its favour in a case which would see the release of a $100-million loan owed to the bank.

The assets were held by Credit Agricole, and were frozen at the request of Al-Kharafi Group, which is owned by one of Kuwait's biggest merchant families.

Al Kharafi had signed a contract with the Gaddafi regime in 2006 to build a beach resort in the Tajoura area of Tripoli, which it was to run for 90 years, but Tripoli cancelled the deal unilaterally in 2010.

A Cairo court ruled in 2013 that Al-Kharafi was owed $930 million over the broken contract, mostly for lost revenues.

The statement from the CBL can be viewed here.

(Source: CBL)

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