Decision ID: 001059

In April 1999 the 1971 Fund Executive Committee considered a request from Lamnalco (a contractor based in the United Arab Emirates) that the Fund should pay the 25% balance of its claim and its offer to provide security for repayment of this amount in the event that the total admissible claims exceeded the maximum amount available under the 1971 Fund Convention. The Committee, in line with its previous decision in respect of a similar request arising from the Nissos Amorgos incident, decided not to accept Lamnalco’s request.

Date: 31.03.1999
Category: Compensation payments
Subject: Payments against bank guarantees