Topic: Attachments and freezing orders

Perenco secures freeze on Ecuador accounts in Luxembourg

Bahamian oil company Perenco has frozen Luxembourg bank accounts used by Ecuador to make coupon payments associated with sovereign bonds, with the ICSID award holder claiming this raises the possibility of the state defaulting to creditors.

01 August 2022

Award creditor targets Haiti assets held by US airline

A fuel importer that won a US$23 million award of security against Haiti last year has sought to attach state assets held by American Airlines until the arbitration is concluded.

25 July 2022

Malaysia gets stay of mega-award as assets frozen in Luxembourg

A French court has granted Malaysia a stay of a US$15 billion award won by heirs to a sultanate on the island of Borneo after finding its enforcement could infringe on the country’s sovereignty – as the heirs secure an attachment over Luxembourg subsidiaries of the Malaysian national oil company.

12 July 2022

Multi-billion attachment against Kazakh fund lifted in sovereign immunity ruling

The Hague Court of Appeal has lifted a US$5.2 billion attachment order imposed on Kazakhstan’s sovereign wealth fund as part of efforts to enforce an Energy Charter Treaty award against the state – as the Moldovan creditors instruct a new counsel team in the long-running dispute.

23 June 2022

Albania faces claim over gas turbine power plant

Albania is facing an Energy Charter Treaty claim by an Austrian engineering company over a failed power plant project – as the state sees a Belgian court issue attachments in relation to an ICSID award won by a group of Italian investors.

05 May 2022

Will US face treaty claims over oligarch measures?

US President Joe Biden’s proposals to make it easier to sell off assets of Russian oligarchs in response to the war in Ukraine could lead to investment arbitrations against the United States, but practitioners are doubtful that such claims would succeed.

29 April 2022

Libyan authority shakes off French attachments

A French court has lifted attachments on assets of the Libyan Investment Authority worth several hundred million euros – following a European Court of Justice ruling that practitioners say is also likely to complicate enforcement against Russian assets.

20 April 2022

Freezing injunctions against non-signatories in the BVI

Peter Ferrer of Harneys considers a recent British Virgin Islands freezing injunction granted in aid of a foreign arbitration against non-signatories and how it departs from English principles.

25 February 2022

ECJ bars attachment of sanctioned assets

A Kuwaiti company’s efforts to collect on a billion-dollar award against Libya may have been dealt a blow after the European Court of Justice ruled that EU law precludes the attachment of assets that have been frozen as a result of international sanctions.

11 November 2021

Covid plea fails to halt Hong Kong share freeze

A Hong Kong court has granted an injunction in aid of a CIETAC claim over a share transfer that was terminated on the grounds of covid-19 and “deteriorating Sino-US relations”.

20 October 2021

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