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ArcelorMittal, Owed $1 4B, Targets Essar Over Alleged Fraud
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Cayman Islands Court OKs Disclosure In $1.5B Award Fight
Law360 (May 11, 2021, 7:13 PM EDT) A Cayman Islands appeals court has affirmed an order directing the principal holding company for Indian conglomerate Essar Group to disclose information and documents relating to the assets of an Essar unit that owes U.S. steel company ArcelorMittal more than $1.5 billion under a 2017 arbitral award.
A three-judge panel for the Court of Appeal of the Cayman Islands on May 3 rejected arguments put forward by Essar Global Fund Ltd. and its subsidiary, Essar Capital Ltd., that the order was improper.
ArcelorMittal filed its petition in early 2019, claiming that assets were being stripped from Essar Steel Ltd. in an.