28 Mar 2024
Friday 22 May 2015 - 11:26
Story Code : 165467

Israel snubs Swiss court order for Iran pay

Israel has dismissed a Swiss courts order for $1.1 billion of compensation to Iran over a joint venture before the Islamic Revolution.

Press TVs report, quoting an informed source at Irans Presidential Center for Legal Affairs, has prompted a response from Israels finance ministry.

"Without commenting on the substance of the matter, we should remember that in accordance with the laws on trading with the enemy, it is prohibited to transfer funds to the enemy, which includes the National Iranian Oil Company," the ministry said on Thursday.

The Swiss courts ruling relates to an Israeli companys sale of Iranian oil and withholding the money.

The case pertains to a joint venture established in 1968 under the defunct shah of Iran to ship the countrys oil to the Israeli port of Eilat in the Mediterranean for export to Europe.

Iran cancelled the contract after the Islamic Revolution of 1979 because the country doesnt recognize Israel.

In a final ruling issued this month, the Swiss court has ordered Israels Trans-Asiatic Oil Ltd. or TAO to pay $1.1 billion in addition to $7 million in legal fees to a company registered by the National Iranian Oil Company.

The case is separate from the original arbitration claim by NIOC for $7 billion of compensation against Israel filed with Switzerland's Federal Supreme Court.

By Press TV
https://theiranproject.com/vdciqwazyt1aq52.ilct.html
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