"Libya will have to pay Kuwait's Kharafi group $930 million (611 million pounds) in damages for former leader Muammar Gaddafi's cancelling of the construction of a vacation resort, Kuwaiti newspapers reported on Monday.
M. A. Kharafi and Sons, a company owned by one of Gulf state's biggest merchant families, won the award in arbitration proceedings via the Arab League, al-Rai newspaper said, without giving its source.
Officials at Kharafi, which owns National Industries Group (NIND.KW) (NIG), National Investments Co. (NINV.KW), Al Mal Investment Co. (MALK.KW) and a stake in telecoms (ZAIN.KW), were not immediately available for comment on the report, which was also in al-Qabas and al-Jarida newspapers."
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