Lawyer Khaled Al-Zaidi said that the Paris Court of First Instance has upheld a ruling dated September 10, 2026, maintaining the seizure imposed by Mohammad Abdulmohsen Al-Kharafi & Sons on assets belonging to the National Oil Corporation (NOC), while rejecting a request by a Libyan entity to lift the seizure.
The decision comes as part of enforcement proceedings related to an arbitration award issued in 2013, whose original value was approximately $935 million, with the claim exceeding $1 billion after interest was taken into account.
He added that the ruling is significant because it concerns the enforcement of arbitration awards against NOC assets and raises legal questions regarding whether the corporation can be considered an entity affiliated with or an extension of the state for enforcement purposes, the nature of the seized assets, and the scope of immunity from enforcement under French law.
It also concerns the distinction between immunity from enforcement and rules relating to sanctions or asset freezes.
