03 November 2017
Taurus Petroleum Ltd v State Oil Marketing Company of the Ministry of Oil, Republic of Iraq [2017] UKSC 64, [2017] All ER (D) 132 (Oct)
The claimant company was entitled to enforce an award against the defendant Iraqi State Oil Marketing Company by means of a combination of third party debt orders and receivership orders to recover money owed to it. The Supreme Court held that, among other things, the case of Power Curber International Ltd v National Bank of Kuwait SAK ([1981] 3 All ER 607), which held that, in the case of debts due under letters of credit, the situs of the debt was the place of payment, was wrong in principle and ought not to be followed.
