Topic: Attachments and freezing orders

Tanzanian plane remains grounded despite ICSID stay

A Swedish investor that won a US$165 million award against Tanzania has persuaded a Dutch court to uphold the attachment of an aircraft owned by the east African state, even though ICSID has stayed enforcement pending annulment proceedings.

29 November 2022

Yukos shareholders to auction Russian vodka trademarks

The former Yukos majority shareholders are preparing to auction off seized trademarks to “iconic” Russian Vodka brands in the Netherlands, as they seek to cash in on their US$50 billion awards against the state.

11 October 2022

Ukraine pushes for war claims commission

Ukraine is petitioning the United Nations to create a commission to resolve claims against Russia for financial damages arising out of the war – amid speculation that some US$300 billion in frozen Russian central bank assets could be targeted for enforcement.

10 October 2022

Sultan’s heirs take Malaysia mega-award to the Netherlands

The heirs to a sultanate on the island of Borneo have asked a Dutch court to enforce their US$15 billion award against Malaysia.

30 September 2022

Indian airline funds unfrozen in Canada

A Quebec appeal court has unfrozen US$17 million in funds belonging to India’s national flag carrier, finding that the province’s civil code does not permit enforcement against a state-owned company merely because it is an “alter ego” of a debtor state.

22 September 2022

Quebec court maintains freeze on Indian assets

A Quebec court has refused to lift a freeze on US$37 million in funds owed to India’s airports authority, ruling it has no jurisdiction to declare that recent legislation preventing such seizures has retroactive effect.

14 September 2022

Libyan sovereign wealth fund defeats attachment bid

The French Court of Cassation has blocked a Kuwaiti arbitral creditor from attaching US$300 million worth of assets belonging to a Libyan sovereign wealth fund, in line with recent EU case law curbing attempts to target assets frozen by international sanctions.

08 September 2022

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

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