Enforcement of an arbitration award against a state-owned trading company

Our client held an unpaid arbitration award against a state-owned commodities trader and had been told that its assets were beyond reach.

Working from London and New York, we traced receivables and cargoes held through the trader's commercial subsidiaries, established that they were used for commercial purposes and obtained recognition of the award in two jurisdictions.

Attachment of the first cargo brought the trader to the table, and the award was settled in full with interest.