Khaberni - The UAE's «Al Habtoor Group», represented by the international law firm «White & Case», has officially initiated international arbitration proceedings against the Lebanese Republic under the bilateral investment treaty in force.
The group stated that it had submitted the arbitration request, accompanied by comprehensive supporting documents, through the «International Center for Settlement of Investment Disputes» in Washington, DC, and had officially notified the Lebanese Republic in accordance with approved procedures.
«Al Habtoor Group» explained that «this action comes after an extended period of ongoing efforts, made in good faith, to reach an amicable solution», stressing that it has fully exhausted efforts to reach a mutual settlement without achieving any significant or constructive results.
The group highlighted that its investments in Lebanon were made based on the legal and regulatory framework of the state, and reliant on the protection provided by international agreements. However, «the group» incurred substantial losses and damages on the back of these investments, due to a series of measures taken by the Lebanese Republic over a long period of time, in addition to its failure to provide necessary protection for the group’s investments.
«Al Habtoor Group» emphasized that initiating these proceedings reflects a clear and thoughtful decision to move forward in using all available legal measures to protect its rights, and to seek full compensation through the relevant international legal channels, assuring that it will pursue this course with determination and discipline.
