Decision ID: 000599

In April 1996 the 1971 Fund Executive Committee noted that, in a judgement rendered on 30 March 1996, the Court of Appeal in Genoa had confirmed the position taken by the Court of first instance that the maximum amount payable by the 1971 Fund should be calculated by the application of the free market value of gold, giving an amount of LIt 771 397 947 400 (£313 million), including the amount payable by the shipowner under the 1969 Civil Liability Convention, rather than on the basis of the Special Drawing Right of the International Monetary Fund as maintained by the Fund. The Committee instructed the Director to take the necessary steps to appeal to the Supreme Court of Cassation against the Court of Appeal’s judgement.

Date: 31.03.1996
Category: Financial limits, limitation proceedings and indemnification
Subject: Maximum aggregate amount payable under the Conventions in accordance with Article 4.4 of the 1971 and 1992 Fund Conventions