Financial news

UK court holds London-based company liable towards victims of 2020 Beirut blast – JURIST

A London High Court Thursday ruled that the chemicals company Savaro Ltd, was liable for the damage caused to victims of the explosion in Beirut in 2020. In a civil case brought against the company by the Beirut Bar Association, Savaro will now have to pay compensation to the victims and families of those impacted by the explosion.On August 4 2020, at Beirut’s port, a large amount of ammonium nitrate exploded, damaging both the port and over half the city. The detonation resulted in 218 deaths and 7,000 injured civilians. Savaro is now being held responsible for the shipment of ammonium in question ending up at the port in 2013, being stored in a warehouse there until the explosion seven years later. On August 2 2021, the Beirut Bar Association, along with three families of victims, filed a lawsuit against Savaro.Camille Absousleiman, a lawyer acting for the Beirut Bar Association, commented on the ruling via his social media, saying, “It is the first judicial decision to name one of those responsible for the. . . .tragedy . . .This decision opens the door wide for prosecution of other officials.” Senior political, judicial and security officials were reportedly aware of the presence of the substance at Beirut’s port for years, however no action was taken to remove it.Following the ruling, the proceedings are set to move to determination of damages in order to decide the amount owed in compensation to the families.