Decision ID: 000916
In October 1998 the 1971 Fund Executive Committee recalled that it had at its 55th session decided to postpone its decision as to whether the Fund should take recourse action against third parties until the Court of Appeal had rendered its judgement in respect of an action brought by the hull insurer against the Korean Government as responsible for a naval vessel and against the owner of a tug, which vessels had taken part in the refloating and towing of the Yuil No1. The Committe noted that the Court of Appeal had endorsed the position of the Court of first instance that there was no negligence on the part of the tug and the naval vessel during the refloating and towing operations and had therefore rejected the hull insurer’s action The Committee therefore decided that there were no grounds on which the Fund could take a successful recourse action against third parties.