Jul 02 2018 - 11:12
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Al-Waleed bin Talal’s companies lose arbitration case against LBCI in Paris

For the second time, an arbitral award has been rendered in favor of LBCI against Prince Al-Waleed bin Talal’s companies Lebanon, news ,lbci ,أخبار Case, Tribunal, Al-Waleed, Saudi Arabia, Lebanon,LBCI,For the second time, an arbitral award has been rendered in favor of LBCI against Prince Al-Waleed bin Talal’s companies
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Lebanon News

 For the second time, an arbitral award has been rendered pursuant to the rules of the International Chamber of Commerce in Paris “ICC” in favor of LBCI against Prince Al-Waleed bin Talal’s companies.

 
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The arbitral award has decided that Al-Waleed bin Talal’s companies have breached several of their obligations under the Cooperation and Services Agreement signed between these companies and LBCI, and that they have terminated the Agreement with LBCI arbitrarily and unlawfully, causing tremendous damages to LBCI since 2012.

 

The arbitral tribunal has sentenced Al-Waleed Bin Talal’s companies to pay an aggregate amount of circa 19.500.000 US dollars to LBCI, in addition to interests as well as arbitration and legal fees and expenses for an amount of circa 2.600.000 US dollars.

 

The arbitral tribunal has considered that Al-Waleed’s companies have caused damages to LBCI due to their failure to broadcast LBCI channels around the world, and failure to transfer the equipment listed in the agreement to LBCI in exchange of 1 US dollar.

 

It is worth mentioning that on 29/7/2015, an arbitral award was rendered by the same arbitral tribunal which considered that Al-Waleed Bin Talal’s companies shall return the LBC trademarks to LBCI  in exchange of 1 US dollar only, and pay the expenses and legal fees of the arbitration proceedings. Al-Waleed Bin Talal’s companies have not executed this decision to date.

 

Thus, an arbitral tribunal has, once and for all, rendered a decision pursuant to the rules of the International Chamber of Commerce “ICC”, in favor of LBCI in the dispute that opposed LBCI to Al-Waleed Bin Talal’s companies since 2012.

 
 
 
 To watch the full report, please click on the video above.
 
 
 
Pierre el-Daher is the Chairman & CEO of the Lebanese Broadcasting Corporation International, LBCI, Lebanon's number one television channel. 

Pierre El Daher holds a Bachelor and Masters degree in Industrial Engineering from the University of Southern California and resides in Lebanon with his wife Randa Saad and family.

 
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