Iran files objection to UK court’s NIOC building seizure order

Tehran - BORNA - The ruling was issued following a lawsuit filed by Crescent Company, which claimed that the National Iranian Oil Company transferred the property known as “NIOC House” in London to the Oil Industry Employees Pension and Welfare Fund in order to remove its assets from the reach of creditors after an international arbitration award was issued in the company’s favor.

According to the reports, Iran formally registered its objection to a UK court ruling on October 3. The court is expected to rule on whether to accept or reject this objection in the coming days.

The source further said that if the objection is denied and the previous ruling stands, Iranian legal representatives are prepared to appeal the case to the UK Supreme Court.

The Court of Appeal recently upheld a prior decision from the London Court of First Instance, granting authorization to enforce the seizure order for the NIOC’s London building.

The Crescent case dates back to the 2001 gas contract between the National Iranian Oil Company and the Crescent Group, which was not implemented, and the dispute between the parties was referred to international arbitration, and ultimately a verdict was issued in favor of the Emirati company.

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