On 21 and 22 March 2017, the Supreme Court heard argument in Taurus Petroleum Ltd v State Oil Marketing Company of the Republic of Iraq. Four members of Essex Court Chambers were involved.
The issues in the case include (i) identification of the true creditor of the issuing bank’s obligation under a letter of credit; (ii) the situs of debts owed under letters of credit; (iii) the circumstances in which section 13(2)(b) and section 14(4) of the State Immunity Act 1978 allow a State’s central bank to claim immunity from execution; and (iv) the correct basis on which a court should exercise its discretion to make receivership orders.
Gordon Pollock QC (leading Guy Blackwood QC, Quadrant Chambers) acted for the appellant, Taurus, instructed by Holman Fenwick Willan (Jeremy Davies/Sarah Hunt).
Graham Dunning QC (leading Dan Sarooshi and Siddharth Dhar) acted for the Respondent, SOMO, instructed by Vinson & Elkins LLP (Jim Loftis/John Zadkovich).
The proceedings were recorded and can be found by following this link: https://www.supremecourt.uk/cases/uksc-2015-0199.html
The Court of Appeal judgment can be found here: http://www.bailii.org/ew/cases/EWCA/Civ/2015/835.html
