Arbitral Digest

Matter

Citibank v Rasheed Bank (French Court of Cassation F 19-25.404)

  1. 27 September 2000Netherlands

    27 September 2000Netherlands

    Judgment of the Amsterdam District Court dated 27 September 2000

    Amsterdam District Court

    Decision summary
    The Amsterdam District Court ordered Rasheed Bank, an entity of the Iraqi State, to pay Citibank various sums.

    Supporting details

    2 participants
    Citibank
    Rasheed Bank
    Amsterdam District Court

    19 years and 20 days later · 6959 days

  2. 17 October 2019France

    17 October 2019France

    Judgment of the Paris Court of Appeal dated 17 October 2019

    Paris Court of Appeal

    Decision summary
    The Paris Court of Appeal validated the 26 June 2014 conversion of Citibank's conservatory attachment into an attachment of claims, holding that the seized Rasheed Bank assets were intended for non-commercial use and linked to Rasheed Bank.

    Supporting details

    2 participants
    Rasheed Bank
    Citibank
    Paris Court of Appeal

    2 years and 17 days later · 748 days

  3. 3 November 2021France

    3 November 2021France

    Judgment of the French Court of Cassation, First Civil Chamber, in case F 19-25.404 dated 3 November 2021

    French Court of Cassation, First Civil Chamber

    Case no.
    F 19-25.404
    Citation
    French Court of Cassation, First Civil Chamber, judgment No. 656 FS-B of 3 November 2021, appeal No. F 19-25.404
    Decision summary
    The French Court of Cassation rejected Rasheed Bank's appeal and upheld validation of the 26 June 2014 conversion of Citibank's conservatory attachment into an attachment of claims. It held that assets of a foreign State entity may be subject to enforcement when specifically intended for non-commercial use and linked to the entity against which enforcement is pursued; the seized funds, held as a commercial banking cash pledge, met those conditions.

    Supporting details

    7 authorities · 19 participants
    Rasheed Bank
    Representative
    SCP Fabiani, Luc-Thaler and Pinatel (For: Rasheed Bank)
    Citibank
    Representative
    SCP Claire Leduc and Solange Vigand (For: Citibank)
    French Court of Cassation, First Civil Chamber
    Judge
    Chauvin
    Judge
    Guihal
    Judge
    Auroy
    Judge
    Hascher
    Judge
    Antoine
    Judge
    Vigneau
    Judge
    Dard
    Judge
    Azar
    Advocate General
    Caron-Déglise
    Other
    Institutional administrator
    Berthomier

    Authorities cited

    7
    • United Nations Convention on Jurisdictional Immunities of States and Their Property (2004) (United Nations Convention on Jurisdictional Immunities of States and Their Property of 2 December 2004)
      treaty
    • Vienna Convention on the Law of Treaties (1969)
      treaty
    • French Law No. 2016-1691 of 9 December 2016
      statute
    • United Nations Security Council Resolution 661 (1990) (United Nations Security Council Resolution 661 of 6 August 1990)
      international instrument
    • European Union Council Regulation No. 1210/2003
      regulation
    • European Union Council Regulation No. 791/2014
      regulation
    • French Court of Cassation judgment of 15 July 1999
      case law

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Citibank v Rasheed Bank (French Court of Cassation F 19-25.404) · Matter