The Address | Benghazi – Libya
BRUSSELS – Prince Laurent of Belgium won his case against Libya as the Brussels Court of Appeal rules in his favor and orders Libya to pay his liquidator, Global Sustainable Development Trust (GSDT), 38,479,041 euros in damages following a unilateral breach of contract.
In 2008, GSDT signed a 70 million euro contract with the Libyan Ministry of Agricultural Policy to reforest thousands of desert hectares on the Libyan coast but administration of former leader Muammar Gaddafi, decided to break the contract, without warning. Following this judgment of the Court of Appeal, Libya did not appeal in cassation. The decision has become final. With interest and legal costs, this payment now stands at some 50 million euros.