The Court of Appeal affirmed the ex parte order granting exequatur of a Swiss award rendered in a BIT arbitration. It found that the arbitral tribunal had had jurisdiction, because it was irrelevant that the settlement agreement on which Etrak’s claims were based had been annulled by a Tripoli court prior to the rendition of the award. Whether the settlement agreement could be the basis for a claim under the BIT was a question to be answered solely in light of the wording of the BIT, and according to that wording, the Court found, the settlement agreement fell within the BIT’s scope. The Court also dismissed Libya’s argument that exequatur would violate public policy, because it was irreconcilable with the earlier judgment of the Tripoli court. The Court reasoned that, while exequatur of the award and the Libyan decision were indeed irreconcilable, the latter had not yet been recognized in France.