VOL. XLIV

No. 09

26-February-2001

LIBYA

Libya Tells South Korea It Expects Compensation For Losses On GMR

Libya has informed the Seoul District Civil Court that a partner of Dong-Ah Engineering and Construction Company Ltd in the Great Man-made River (GMR) project must pay it $1.3bn to compensate for losses if Dong-Ah fails to complete phase II of the project. Korea Express Co has provided debt payment guarantees worth $563mn to Dong-Ah covering phase II of the GMR, which is 95% complete. Libya...