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Article published in AL-IKTISSAD-AL-JADEED March 2016: Lebanese Investors: To Cyprus … Go

law news details

Article published in AL-IKTISSAD-AL-JADEED – March 2016:
Lebanese Investors: To Cyprus … Go

Reference mentioned to Roy Madkour's opinion concerning this topic as follows:

The Lawyer Roy MADKOUR considers that the previous experiences undergone by Lebanese investors in Cyprus were not positive in spite of the request to implement the Treaty signed between the two countries on the Reciprocal Promotion and Protection of huge Investments in Cyprus.

He also uncovered that the Lebanese state has officially requested through the Minister of Economy Alain Hakim and the Minister of Foreign Affairs Gebran Bassil from the Republic of Cyprus to respect the mentioned Treaty which became applicable laws in both countries; however the Republic of Cyprus didn't respect its obligations pursuant to the Treaty and failed to ensure the protection of Lebanese investments established for years in the island, matter which led the Lebanese investors to resort to international arbitration to claim their infringed rights and obtained several favorable decisions .

Nevertheless, Madkour states that "the establishment of the Cypriot Lebanese Business Council" can develop a road-map in order to move forward in the bilateral economic relations and encourage the implementation and respect of what is already signed years ago and what could be signed between the two countries in the future, while confirming that evoking the previous bad experiences of the Lebanese investors does not aim to disrupt the positive steps taking place in the relationship between the two countries, but rather to inform the investors of the existing failures so that they can benefit from them in order to move forward in confident and legally backed steps that shall put the relations on the right track.

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