Olin Holdings Limited (the “Claimant” or “Olin”), The State of Libya (the “Respondent” or “Libya”)
Food and Beverages
Agreement on the Promotion and the Reciprocal Protection of Investments between the Government of the Republic of Cyprus and the Great Socialist Libyan Jamahiriya dated 30 June 2004 (the “Cyprus-Libya BIT”).
Members of the Tribunal
Mrs. Nayla Comair-Obeid (President), Mr. Roland Ziadé (Claimant’s appointee), and Mr. Ibrahim Fadlallah (Respondent’s appointee)
In 1997, Libya enacted Law No. 5 for the Promotion of Investment of Foreign Capital (the “Libyan Foreign Investment Law”). Following the enactment of the Libyan Foreign Investment Law, Olin decided to invest in a dairy and juice factory near Tripoli, and obtained all necessary permits and licenses. To carry out its investment, Olin partnered with PROLAC, a major French milk powder producer and exporter, and with ACTINI, a French manufacturer of sterilizing equipment. Olin completed the construction of its factory toward the end of 2006. After Olin had completed construction of its factory and was ready to begin production, Tripoli’s People Committee for Housing & Utilities issued an eviction order informing Olin that its factory was being “dispossessed” and asking Olin to vacate the factory within three days. The Committee’s order was issued pursuant to Decision No. 241 of 2006, which in turn was issued by the General People’s Committee on October 19, 2006, whereby the General People’s Committee expropriated a swath of land including Olin’s factory.