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High Court in London grants RBS global asset freeze of Emirati Fal Oil Co.

High Court in London grants RBS global asset freeze of Emirati Fal Oil Co.

Old Mar 25th 2013, 1:30 pm
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Default High Court in London grants RBS global asset freeze of Emirati Fal Oil Co.

London High Court (Queen's Bench Division) grants Royal Bank of Scotland global asset freeze of Al Sari familys' Fal Oil Co.
Fal Oil company owes Standard Chartered $200 million
Al Sari are suing Sharjah government for $750 million
Al Sari are accused of providing Iran with oil products.

Partial Quote
DUBAI (Reuters) - At its peak around five years ago, the Al Sari family owned the largest independent oil trader in the Gulf region, with branches in London and Singapore, and a fleet of dozens of ships.

These days, its FAL Oil Co trades more in controversy than oil.

It owes a consortium of lenders nearly $900 million, including about $200 million to Standard Chartered PLC. It is contesting a worldwide asset freeze granted by a London court to the Royal Bank of Scotland. And it is suing its home government of Sharjah - one of seven emirates that make up the United Arab Emirates - in a rare public fight over a disputed $750 million fuel-oil bill. The company even hired a British debt collector to chase the emirate for payment.

These are just some of the many bitter courtroom battles being waged by FAL Oil, once a pillar of business here in the UAE. Many of the details have not been made public until now; the colorful claims and counterclaims include allegations of missing oil, disappearing ships and clandestine trips to Iran. Last year, the U.S. State Department sanctioned FAL Oil for allegedly selling petroleum products to Iran in 2010, something the firm denies but has not challenged legally.

The remarkable fall of FAL Oil sheds light on the sometimes murky world of oil trading. It also shows how the distinction between family and business is often blurred in the Gulf.
http://www.reuters.com/article/2013/...92O04C20130325

Specific legal wording of the asset freeze
http://lexisweb.co.uk/cases/2012/nov...ther-companies

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Last edited by Boomhauer; Mar 25th 2013 at 1:32 pm.
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Old Mar 25th 2013, 1:33 pm
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Default Re: High Court in London grants RBS global asset freeze of Emirati Fal Oil Co.

I though Iran was trying to sell oil, not buy it.

In the words of Manuel in Fawlty Towers, "I know nothing"
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Old Mar 25th 2013, 1:35 pm
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Default Re: High Court in London grants RBS global asset freeze of Emirati Fal Oil Co.

Originally Posted by Kix View Post
I though Iran was trying to sell oil, not buy it.

In the words of Manuel in Fawlty Towers, "I know nothing"
Iran has had to ration fuel, because they lack adequate refining capability.

Last edited by Boomhauer; Mar 25th 2013 at 1:39 pm.
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Old Mar 25th 2013, 1:48 pm
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Default Re: High Court in London grants RBS global asset freeze of Emirati Fal Oil Co.

Originally Posted by Boomhauer View Post
Iran has had to ration fuel, because they lack adequate refining capability.
As I said, I know nothing!
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Old Mar 25th 2013, 2:57 pm
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Default Re: High Court in London grants RBS global asset freeze of Emirati Fal Oil Co.

If you actually read the reuters article it gives you a good insight into how much these arseholes will lie through their teeth and using cloak and dagger tricks avoid the truth. Then when found out make up an excuse. It is like dealing with children not CEO's of $1,000,000,000 companies.
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Old Mar 25th 2013, 3:31 pm
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Default Re: High Court in London grants RBS global asset freeze of Emirati Fal Oil Co.

Originally Posted by britexpat76 View Post
If you actually read the reuters article it gives you a good insight into how much these arseholes will lie through their teeth and using cloak and dagger tricks avoid the truth. Then when found out make up an excuse. It is like dealing with children not CEO's of $1,000,000,000 companies.
Yup, was blatantly obvious from the article. Just amazed at the fact that they think people will buy their bull#$%^.
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Old Mar 25th 2013, 3:35 pm
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Default Re: High Court in London grants RBS global asset freeze of Emirati Fal Oil Co.

Originally Posted by Boomhauer View Post
Yup, was blatantly obvious from the article. Just amazed at the fact that they think people will buy their bull#$%^.
They don't, but what can you do? They are a law to themselves.
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