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National Iranian Oil Company v Crescent Petroleum Company International Ltd

Lloyd's Law Reporter Financial Crime

National Iranian Oil Company v Crescent Petroleum Company International Ltd

Arbitration - Separability - Arbitration Act 1996 - "Obtaining" - Bribery - Enforcement of contract

The claimant and the first defendant entered into a long-term gas supply and purchase contract in 2001. In 2003, the first defendant wished to assign the contract to its subsidiary, the second defendant. Article 16 of the contract stated that neither party was entitled to assign the contract without obtaining the prior written consent of the other. The first defendant requested consent in writing from the claimant. The claimant gave consent by a board resolution but no copy of that resolution was ever supplied to the first defendant.

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