Tuesday, October 3, 2023

Australia opens the doors to seizure of Spanish assets due to renewable arbitration

The Supreme Court of Australia has ruled in favor of the Antin Fund to carry out the award for the reduction of the renewable energy compensation, which forces the Spanish government to pay out 101 million euros, which is about 10% of the amount that the Spanish government owes Lost arbitration case at the World Bank.

This process began when Antin lodged the unpaid award with the Australian Court on June 25, 2021. Holders of the Antin award have also launched enforcement proceedings in the United States and the United Kingdom with similar measures to seize Spanish government assets to collect unpaid debts.

The Spanish government has tried to stop the registration, but with this decision the fund’s debts are fully recognized and, more importantly, companies are allowed to apply for protection measures such as the seizure and confiscation of assets of the Kingdom of Spain in the country. An extreme that is already taking place in the United Kingdom, with the seizure of the headquarters of the Cervantes Institute and the company’s Competitiveness Agency, in addition to an account opened at Banco Santander or part of the compensation corresponding to the Prestige disaster.

The spotlight is now on buildings of official institutions (for example, the new headquarters of the Cervantes Institute), Navantia’s investments in the country, bank accounts and financial assets, etc. In fact, the asset identification process has already been completed, so the seizure applications will be submitted to the Australian courts in the coming days.

The court also ordered Spain to pay the legal costs. It is worth remembering that the government has already spent more than 70 million euros to avoid paying the compensation that Spain was ordered to pay.

In contrast, the funds also received counter-rulings in the USA, where the application for enforcement of another arbitration award for 26.5 million euros by AES Solar Energy Coöperatief UA and Ampere Equity Fund BV against Spain was rejected.

A Washington court judge concluded that Spain was unable to accept arbitration due to the Spanish government’s regulatory changes in its state aid policy for renewable energy, in line with European Union legislation.

A Dutch court had previously held that arbitration awards could be enforced in the United States.

Nation World News Desk
Nation World News Deskhttps://nationworldnews.com/
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