News ID: 303260
Published: 0502 GMT May 21, 2021

Highest court of Luxembourg indorses releasing of Iran’s funds: CBI governor

Highest court of Luxembourg indorses releasing of Iran’s funds: CBI governor

The Supreme Court of Luxembourg has upheld ruling in lifting the seizure of Central Bank of Iran’s (CBI) assets meaning that Iran’s funds will return home with no judicial roadblock.

CBI Governor Abdolnasser Hemmati quoted its lawyers as saying that following a previous ruling by Luxembourg Court of Appeal, the country’s Supreme Court has, in the appellate phase, rejected the objection of a so-called anti-terrorism lawsuit filed in the United States and upheld lifting the seizure of the CBI’s assets in Luxembourg’s banks, IRNA reported on Thursday.

Based on the decision of the Supreme Court of Luxembourg, othre courts of the European country will be obliged to comply with the ruling which means that all judicial barriers on the way of transferring CBI’s assets to Iran will be removed.

On May 13, CBI announced that it succeeded in securing a court order in Luxembourg to prevent the transfer of nearly $1.7 billion worth of assets from the European country to the United States.

The CBI said in a Thursday statement that the court order had reiterated that Clearstream, a securities depository based in Luxembourg, would face heavy fines if it unilaterally hands over Iranian funds that it has in its possession to the United States, Press TV reported.

The statement said the ruling had come in response to a request by the CBI and the Iranian Presidency’s legal affairs unit to prevent any potential transfer of the funds following a recent legislation in the US which allows American courts to have Iranian assets confiscated anywhere in the world without observing the national laws of the countries where they are being held.

Resource: IRNA
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