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Press Release

LIA Subsidairy, LAP (Libya Africa Investment Portfolio) in $15 Million Payment Default - English High Court Judgement

Sep 17, 2015 - (Newswire)

​​​​​​In July 2015, the High Court awarded Catalyst Managerial Services (CMS) Summary Judgment against LAP for more than US$15 million. Delivering his Judgment, Master Kay Q.C. found that LAP’s Defence was “fanciful” and that it had “no real prospects of defending the claim on any factual basis”.

The Master’s Judgment formed part of CMS’ wider case against LAP for breach of contract. CMS’ total claim is worth more than US$525,000,000 in damages, interest and legal fees.

Even though the Master’s Judgment was handed down almost two months ago, LAP has resolutely refused to make payment to CMS.

Following the Judgment, LAP had tried to get the Court to temporarily suspend Master Kay’s Judgment. However, instead of acceding to LAP’s request, yesterday, the High Court ordered LAP to pay US$15 million into Court if it wants to continue its appeal. Should LAP fail to pay, its appeal will be automatically suspended.

Courtenay Barklem, CMS' lead solicitor and a Partner at McCue & Partners LLP, stated, “Yesterday was another good day for CMS. Once again, the Court has vindicated CMS’ position. Now LAP needs to put its money where its mouth is. If it really wants to appeal Master Kay’s Judgment it will have to pay up”.

He continued, “Over the last six years, LAP has done everything it possibly could to avoid paying CMS. It has played every trick in the book. However, now the court has finally told LAP, ‘pay now, argue later’”.

Zia Qureshi, former Chief Executive Officer of CMS, said, “This is another great step in the right direction. After a five-year struggle against LAP, I finally feel that justice is being done. LAP must now pay US$15 million into Court or our bank account. It is clear that the Court has no appetite for LAP’s timewasting.

Mr Qureshi further commented, “We experienced problems with LAP from the outset. Our dispute started six months prior to the Libyan Revolution. Our fees were not paid, our office was closed down and, worst of all, my staff and I were seriously threatened and intimidated. This threatening behaviour continued post-Revolution”.

CMS, a specialist management services company based in Dubai, brought a claim against LAP for unpaid project fees, expenses and damages relating to a five-year services contract that was commenced in Tripoli in 2009. LAP is a multi-billion dollar investment enterprise and wholly owned subsidiary of the Libyan Investment Authority.

Related Court Documents:

http://catalystmanagerialservices.newswire.com/files/75/cc/6f32d3c9b97ccd14ebc525db91b3.pdf

http://catalystmanagerialservices.newswire.com/files/f2/d9/1019f6127af8c1a40bd6005e6b1b.pdf

Note to editors

 McCue & Partners LLP is an internationally renowned specialist legal practice and consultancy.

We pride ourselves on providing innovative solutions as well as taking on those cases and problems that no one else is able or willing to do.  In this, we are unparalleled in both experience and reputation.  Amongst other plaudits, our team have been dubbed by the media as the “Enforcers” and as “Someone to Watch Over Us”.

 ​McCue & Partners LLP does not believe in providing legal services in isolation.  For our clients, legal advice or action alone is often not enough. Our dedicated team is multidisciplinary with expertise and experience in essential areas and skills that compliment their legal training, such as: international and domestic affairs; complex evidence gathering; political science and lobbying; investigation; security; business and commerce; and public relations.  We provide a holistic approach in order to provide the best solution.

For more information on this news story, please contact Courtenay Barklem, Partner, McCue & Partners LLP, (courtenay.barklem@mccue-law.com; +44 207 096 3767).

Original Source: http://www.newswire.com/press-release/lia-subsidairy-lap-libya-africa-investment-portfolio-in-15

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