Government looking into Paris asset freeze secured by Cairn
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Synopsis
Officials said India s properties in Paris are all diplomatic assets and would have immunity under the New York convention on international arbitration. “We are in touch with authorities in France to ascertain what these properties are and the court order about them,” one of them said. Most of the government-owned assets are residential properties of diplomatic staff that cannot be part of any arbitration, the official said.
Agencies
The company claims the government now owes it $1.7 billion. New Delhi has petitioned the Dutch Court of Appeal to set aside the award.
Cairn Energy chief executive Simon Thomson CAIRN Energy is set to take ownership of properties worth around £17 million in Paris from the Indian Government in the latest twist in a bitter tax dispute. The Edinburgh-based oil and gas firm is seeking recovery of $1.7 billion (£1.2bn) an international tribunal said the Indian Government should pay to the company, but which the administration has failed to hand over. The move to take control of the properties in Paris is the latest stage in a campaign by Cairn to seize assets owned by the Indian Government around the world. The company has taken action in a range of countries with a focus on high-value assets, including the government’s stake in Air India.
Cairn case: Pending appeal in arbitration court may not avoid seizure of assets in Paris newindianexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newindianexpress.com Daily Mail and Mail on Sunday newspapers.
In this context, the government should settle the Cairn compensation issue away from the glare of international opprobrium and with the least loss of face to both parties.
Cairn case: PSBs not asked to withdraw funds from foreign currency accounts, says govt msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.