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Friday, December 09, 2022

EU warns United Kingdom of fines for not complying with ‘Prestige’ sentence

The European Commission has warned that the United Kingdom will risk at least a fine if it does not execute a resolution of the Court of Justice of the European Union (CJEU) last June in which the body rules that the Spanish sentence in the Prestige case, Which pays the insurer 855 million euros in compensation over an arbitration award promoted by the company in London. The European Commission declares itself in response to the popular deputy Francisco Milan Monáe regarding the decision of the CJEU.

In their question, the MPs question the European Commission about the instruments it has in the exit agreement agreed with the United Kingdom and the current trade and cooperation agreement that allows the execution of court sentences in the former member country. to be sure”. The European Union and its states. In its question, Milan Mon recalls that in its decision the CJEU established that the arbitration filed in the United Kingdom on the sinking of the oil tanker “cannot block the recognition” of the Spanish regime which condemns the insurer to repair the damages. . Oil Sleek. , so that the London P&I club is bound to comply with the decision of the Spanish Supreme Court and the order of the Provincial Court of Execution of A Corua, which obliges the insurer to pay Spain compensation of 855 million. However, the deputy says that “some voices” warn that the insurer could “still” evade the CJEU’s decision through the British judiciary. The company, after learning of the resolution, said that “the proper scope and effect of the CJEU’s decision should be fully considered” and “its relevance will ultimately be interpreted by the English courts.”

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