OLIN Holdings Limited v State of Libya Docket No 656980-2020 - Supreme Court, New York County - Decision and Order on Motion - related to ICC Arbitration Case No 20355/MCP - 27 April 2021
Before the Court is a petition by Olin Holdings Limited ("Olin") for an order pursuant to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (June 10, 1958, 21 U.S.T. 2517, 330 U.N.T.S. 38, "the New York Convention") and Chapter 2 of the Federal Arbitration Act (9 U.S.C. § 201, et seq.), confirming a Foreign Arbitral Award and directing that a judgment be entered in favor of Olin against the State of Libya. The Award at issue is the Final Award rendered on May 25, 2019 by a three-person arbitral tribunal under the auspices of the International Chamber of Commerce ("ICC") after a hearing at which the State of Libya appeared by counsel (NYSCEF Doc. No. 4). For the reasons stated below, the petition is granted.
Briefly stated, the underlying facts asserted in the Petition are as follows (see NYSCEF Doc. No. 1). Olin, a limited liability company organized and existing under the laws of Cyprus, invested in a dairy and juice factory ("the Factory") in Libya and sought government approval to build and operate the Factory in the Tripoli area. After Olin obtained all necessary governmental approvals and completed the Factory, Libya issued an Expropriation Order in 2006 assuming control and ownership of the land on which the Factory was built. Efforts by Olin over a period of years to obtain an exemption from the Expropriation Order were unsuccessful.