The Address | Benghazi – Libya
Libyan African Investment Portfolio (LAP) has issued a press release on the appeal against CMS. The company which has claimed millions of dollars from the portfolio in 2012.
The statement said that the Dubai-based Catalyst Managerial Services (CMS) had demanded millions of dollars from the Libyan African Investment Portfolio and that the portfolio had received a court judgement from the English Supreme Court in 2017 which awarded CMS millions of dollars.
However, at the hearing on 12 July 2018, the Supreme Court’s response in the appeal filed by the portfolio confirmed that CMS should pay compensation for the portfolio after it was found that there was no financial claim against it and the case was dropped.
CMS first filed its claim against the portfolio in 2012 for $15.4 million dollars in the alleged unpaid invoices, and exceeds $0.5 billion dollars as an estimate of the alleged unlawful termination.
The portfolio denied this entire allegation and consistently confirmed that it was a kind of deception. In the final stages of the proceedings, this was confirmed by CMS’ acceptance that it had not signed a major agreement with the portfolio.
The London High Court ruled against LAP in 2016 and awarded $15.4 million in damages to CMS.