Crescent — An Irreparable Betrayal
TEHRAN (Iran News) The matter goes back to a final court judgment:
The Court of Appeal of England and Wales, in commercial matters, issued a ruling ordering the confiscation of the building—valued at about £100 million (US $125 million)—in favor of the Emirati company Crescent.
This building was seized as part of NIOC’s $2.7 billion debt to Crescent Petroleum.
The debt stems from a 25-year gas sales contract signed in 2001 to supply gas from Iran’s Salman field to Sharjah. NIOC refused to fulfill that contract, leading to an international arbitration ruling in favor of Crescent.
Iran claims that the building’s owner is the Oil Industry Employees Pension & Welfare Fund, a private entity independent of NIOC. But UK High Court judge Nigel Teare ruled that the ownership transfer was “sham” and done with the intention of “evading payment to creditors,” and therefore declared the true owner to be NIOC.
NIOC has called the ruling “unfair and biased,” stating that legal and international efforts to overturn the decision are ongoing.
The Vice President for Legal Affairs, Majid Ansari, expressing regret, confirmed the company’s total debt as $2.7 billion, and noted that the legal proceedings for “Crescent II and III” are still ongoing. He expressed hope that through diplomatic means or settlement, the confiscated building might be recovered.
The case is currently filed with the UK Supreme Court for final review. This stage may determine the building’s ultimate fate, though the process is typically lengthy.
Why Bijan Zangeneh, during his tenure as Oil Minister, allowed such a damaging outcome has been a topic of discussion in Iran for years, yet no clarity has been provided.
We all hope that expediency in the judicial system will come to an end, and that justice will finally find its platform.
- author : Hamid Reza Naghashian
- source : IRAN NEWS
