SAEDNEWS: The UK Court of Appeal upheld the confiscation of a London building owned by Iran’s National Oil Company to enforce part of the Crescent arbitration award. NIOC called the ruling “unfair” and is seeking its reversal through legal and international channels.
The Court of Appeal in England has upheld a ruling to confiscate a London property owned by the National Iranian Oil Company (NIOC) to enforce part of the compensation awarded in an international arbitration case pursued by the Emirati company Crescent Petroleum.
The National Iranian Oil Company described the decision as “unfair” and announced that it is pursuing legal and international measures to have the ruling overturned.
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