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Olin Holdings Ltd v. Libya, ICC Case No. 20355/MCP (ICC)

Why it matters

This case is a rare example of an ICC investment treaty award against Libya, confirming that Libya's revocation of a land allocation and subsequent expropriation without compensation violated the Cyprus-Libya BIT. It illustrates the application of the fair and equitable treatment standard and national treatment in the context of Libyan investment laws, and the tribunal's use of discounted cash flow valuation for a hotel project that never operated.

Summary

Olin Holdings Ltd, a Cypriot company, invested in a hotel project in Libya. In 2006, Libya allocated land to Olin, but in 2010, the Libyan Foreign Investment Board revoked the allocation and expropriated the land without compensation. Olin initiated ICC arbitration under the Cyprus-Libya BIT. The tribunal found that Libya breached the BIT's expropriation provision (Art. 7) because the expropriation was not for a public purpose, was discriminatory, and lacked compensation. It also found violations of fair and equitable treatment (Art. 2.2) due to unreasonable and discriminatory measures, and national treatment (Art. 3) because Libyan investors were treated more favorably. The tribunal dismissed Libya's counterclaims. Olin was awarded EUR 18.225 million in damages based on the discounted cash flow value of the hotel project, plus simple interest at 5% and 75% of its legal costs. The award was rendered in Paris in 2018.

The detail

Parties: Olin Holdings Ltd v. Libya, ICC Case No. 20355/MCP

Case number: italaw/cases/6667

Outcome: Libya breached the Cyprus-Libya BIT (expropriation, FET, national treatment) and was ordered to pay EUR 18,225,000 plus interest and costs.

Quantum: EUR 18,225,000

Applicable law: Cyprus-Libya BIT (2004), ICC Rules (2012), French Code of Civil Procedure, Libyan Law No. 5/1997, Law No. 7/2003, Law No. 9/2010, international law

Issues in play: The BIT's expropriation (Art. 7), fair and equitable treatment (Art. 2.2), and national treatment (Art. 3) provisions were applied. The tribunal also considered Libyan domestic investment laws and international law principles.

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