UK fossil fuel company Cairn Energy threatens to seize Indian assets
Photo for representational purpose
Kathmandu, January 29. UK oil and gas explorer Cairn Energy has warned the Indian Government to identify and seize the overseas assets if New Delhi fails to pay $1.2 billion.
Last month, Cairn Energy was awarded damage of $1.2 billion by an international tribunal for engaging in a long-running high profile corporate tax dispute with India.
The warning letter received by the Indian High Commission in London reads “As India is a signatory to the New York Convention, the award can be enforced against Indian assets in numerous jurisdictions around the world for which the necessary preparations have been put in place.” The letter is forwarded to India’s Finance Ministry and External Affairs Ministry.
Although the letter did not specify which assets might be seized, media reports suggest the gasoline company has begun locating bank accounts and assets including Air India Planes, Ships.
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