Topic: Attachments and freezing orders

UAE proceedings blocked in wake of asset freeze

A London judge has granted an “unusual anti-suit injunction” blocking court proceedings brought by a company that had already filed for ICC arbitration in the United Arab Emirates, purportedly to preserve an asset freeze.

30 November 2020

Guatemala pays ICSID award to avoid default

Guatemala has paid US$37.3 million to an ICSID creditor to lift an attachment on bond payments and avoid a sovereign default – though it has still to honour another award worth US$55 million rendered in the same dispute.

26 November 2020

Injunction lifted in fight over funds tied to 1MDB

A London court has lifted an injunction that prevented Clyde & Co from transferring US$340 million to its Saudi-owned client to comply with an UNCITRAL award  – funds that US and Malaysian prosecutors allege can be traced to the 1MDB corruption scandal.

02 November 2020

Russian vodka assets unfrozen in Yukos case

A Dutch court has lifted an attachment on two Russian vodka trademarks obtained by the former majority shareholders of Yukos as they seek to collect on their US$50 billion Energy Charter Treaty awards – ruling that the assets are held by a state-owned company and not the state itself.

27 October 2020

Angolan state entity wins Dutch asset freeze

A Dutch court has frozen assets controlled by the husband of embattled Angolan billionaire Isabel dos Santos in support of two arbitrations over a share purchase that is the subject of a criminal investigation for alleged money laundering and embezzlement.

22 September 2020

UK crime agency won’t be joined to fight over 1MDB-linked funds

The High Court in London has dismissed an attempt to join the UK’s National Crime Agency (NCA) to litigation over the proceeds of an arbitral award that Malaysian authorities have linked to the 1MDB corruption scandal.

26 August 2020

Dutch court lifts freeze on Egyptian property

A Dutch court has lifted an attachment over an unoccupied property in The Hague that was frozen at the request of a Finnish businessman seeking to enforce an investment treaty award against Egypt, after the state said it planned to use the building as its ambassador’s residence once again.

13 July 2020

Egyptian property attached in the Netherlands

A former residence of the Egyptian ambassador in The Hague has been attached at the request of a Finnish businessman seeking to enforce a US$115 million investment treaty award.

27 April 2020

Steelmaker denied asset freeze in conspiracy suit

The English Commercial Court has refused to grant a worldwide freezing order against the Essar group and two of its owners, saying steelmaker ArcelorMittal had not shown a good arguable case that they conspired to frustrate enforcement of a US$1.5 billion ICC award.

31 March 2020

Glovemaker settles fraud claim in Singapore

A Malaysian rubber-glove manufacturer has agreed to settle a SIAC arbitration in which it claimed it was fraudulently induced into making a US$340 million acquisition, a dispute that also gave rise to litigation and asset freezes in Kuala Lumpur and Singapore.

05 March 2020

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