Decision ID: 001366

In July 2002 the 1971 Fund Administrative Council recalled that as a result of the global settlement approved by the governing bodies of the 1971 Fund and the 1992 Fund at their April/May sessions, the shipowner’s limitation fund would not be constituted in respect of the Nakhodka and that the Council would have to decide on the date to be used for the conversion of the amount payable by the 1971 Fund into Japanese Yen. The Council decided that, since the provision on conversion laid down in the Convention could not be applied, the conversion should be made using the rate of exchange between the SDR and Japanese Yen on 19 February 1997, the date on which the 1971 Fund Executive Committee adopted the Record of Decisions of the session at which the Committee authorised the Director to make final settlement of claims.