The "SAHAND": Iran Sanctions
Case1
Singapore High Court judgment underlines the importance
for all those involved in international trade of conducting
sufficient due diligence to ensure compliance with the latest
international sanctions.
In a case involving the arrest of three vessels owned by
subsidiary companies of the Islamic Republic of Iran Shipping Lines
(IRISL), the Singapore High Court has clarified the approach of the
Singapore courts to the implementation of recent UN sanctions
against Iran.
The vessels were arrested in Singapore waters in connection with
an accelerated debt of over US$180 million owed under various
English law financing arrangements. The defendant owners applied
for the discharge of an order permitting the sale of the vessels on
the basis that sums sufficient to cover the debt owed had been
received by the claimant's bank. The primary issues raised
concerned whether the vessels came within the ambit of various UN
sanctions against
