Decision ID: 001241

In June 2001 the 1971 Fund Administrative Council authorised the Director to conclude and sign on behalf of the 1971 Fund an agreement with the Spanish State and the shipowner/ insurer on a global solution of all outstanding issues in the Aegean Sea case, provided the agreement contained certain elements with regard to the amounts to be paid by the above parties, and subject to claimants representing at least 90% of the total amount claimed in court (with the exception of the claim by the shipowner/insurer) accepting the quantum of their losses as agreed between the Spanish State, the shipowner/insurer and the 1971 Fund and withdrawing their claims in court. The Administrative Council emphasised that the 1971 Fund’s offer to conclude a global settlement based on the above elements was without prejudice to the Fund’s position in respect of the issues of distribution of liabilities and time bar.