NIOC Pursues Legal Action After UK Court Ruling on Seized Property
WANA (Oct 08) – The National Iranian Oil Company (NIOC) announced in a statement that it will continue to pursue legal and international measures to overturn a British court ruling that upheld the seizure of a building belonging to the Oil Industry Pension, Savings, and Welfare Fund in London.
According to the statement:
“The Iranian public is hereby informed that, following multiple legal actions initiated by Crescent Petroleum in international courts to seize NIOC assets worldwide, the Court of Appeal in the United Kingdom has unfortunately upheld a lower court ruling that ordered the seizure of a building owned by the Oil Industry Pension, Savings, and Welfare Fund in London.”
Iran Faces “Second Crescent Shock” as Babak Zanjani’s Funds Seized in Malaysia
WANA (Oct 07) – After a series of asset seizures targeting Iran’s National Oil Company (NIOC) in London and Rotterdam, the financial fallout from the long-disputed Crescent contract has now reached Malaysia. The latest ruling has led to the confiscation of Iranian-linked funds held in a Malaysian bank account associated with controversial businessman Babak Zanjani. […]
The statement explained that Crescent’s legal efforts to take possession of the property began in 2022 (1401 in the Iranian calendar), following years of disputes and negotiations over contractual disagreements. These efforts led to the lower court’s decision on April 15, 2024, which was subsequently confirmed by the Court of Appeal despite detailed defenses presented by NIOC’s legal teams and other relevant authorities.
“Regrettably, due to the biased and unfair judgment of the reviewing courts, the release of the seized property was not achieved,” the company stated.
The NIOC reaffirmed its commitment to continue defending the rights and assets of Iranian oil industry employees:
“The National Iranian Oil Company remains determined to exhaust all available legal and procedural avenues—both domestically and internationally—in coordination with relevant bodies, including the Presidential Center for International Legal Affairs. Using all legal capacities, NIOC will pursue appeals to overturn this unjust ruling and safeguard the assets and property of the honorable employees of Iran’s oil industry.”
The National Iranian Oil Company (NIOC). Social media/ WANA News Agency
