Posted on 08/08/2016 4:31:08 PM PDT by Eleutheria5
The Swiss Supreme Court in Lausanne has ordered the Israel-controlled Trans-Asiatic Oil Company to pay a debt of $1.2 billion to Iran's national Oil Company.
According to Global Arbitration Review, which published the Swiss court’s ruling, Iran’s oil company has been removed from the sanctions regime, so there is no legal obstacle to paying it any money.
On June 27, the court directed Trans-Asiatic to pay the Iranians 250,000 Swiss francs (about 1 million shekels, or $260,000) of the monies that have been deposited with the court, and another 200,000 francs in court costs.
Trans-Asiatic appealed, and lost, saddling the company with a heavy fine.
The lost appeal is the latest skirmish between Israel and Iran over an oil transporting and marketing partnership the two countries formed before the 1979 Islamic Revolution.
The partnership had two parts: the Eilat-Ashkelon pipeline, which operated overland to stream Iranian oil from the Red Sea to the Mediterranean, and Trans-Asiatic Oil Ltd (TAO), which was registered in Panama, operated out of Tel Aviv, and ran a fleet of tanker ships and marketing channels to sell Iranian oil to Europe.
The partnership, signed in 1968, lasted only 11 years. In 1979, after the Islamic Revolution, Iran cut off all ties with Israel. Despite the diplomatic cold shoulder, Iran still faced off with Israel in three different legal procedures, in an attempt to glean money for the oil it forwarded to Israel on credit before the revolution, for the value of their half of the partnership.
The total disputed sum is in the ballpark of $7 billion. Since the Iranian oil company has been formally separated from Iran, global financial sanctions don't apply to it.
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(Excerpt) Read more at israelnationalnews.com ...
The Swiss had better watch out. Israel's national deity doesn't deal kindly with those who oppress His people like this. If Switzerland keeps this up, they won't be laughing their heads off for long.
I imagine the Israelis are writing a check as we speak.
They should give it the the Shah’s family.
The post-79 regime is owed NOTHING.
Tell the mullahs to pound sand, they have plenty there.
Haha!!! *loves*
I am mildly in agreement with the court. As far as I can tell, the company received goods and derived benefit from the goods but never paid for the goods.
Just say “NO”
telling them to go fly a kite works also
It certainly adds a whole different dimension to B.O.’s desire to lift the Iranian sanctions.
As if Israel is going to fund their own destruction.
I think not.
How about obliterating Eye-ran’s nuclear program instead?
Israel should tell them to "go F*** yourselves."
I believe Iran sponsored enough Jew death and the Swiss can KMA!
“I am mildly in agreement with the court. As far as I can tell, the company received goods and derived benefit from the goods but never paid for the goods.”
Yes. But, the question arises, if the current Iranian government is the lawful successor to the previous regime. If not, it is not due the money, but a future Iranian government might be.
Doesn’t Iran pay a bounty for dead Israelies? I should think Iran owes Israel at least $150 billion.
What is Hebrew for “up yours”?
Maybe Bibi can deliver that $1.2 billion to Iran in the form of TNT equivalency.
“I am mildly in agreement with the court. As far as I can tell, the company received goods and derived benefit from the goods but never paid for the goods.”
As well, if a state of war exists between two states, all debts are canceled.
Since Iran has declared many times it intends to wipe Israel off the map, and has waged war (if not declared it), then again, the debt may be said to be now off the books.
See #23, above. TJ or GW, I forget in what context, stiffed the revolutionary French government for some debts incurred to King Louis when he was helping the US win its independence, using a similar argument. But here we’re dealing with a private Iranian company, previously a nationalized company under the Shah when the debts were incurred. So there is something to what you say, I just am not sure what.
Also see #32, which I subsequently noticed.
Nuts!
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