Decision ID: 001483

In October 2003 the 1992 Fund Executive Committee and the 1971 Fund Administrative Council, noting the Director’s view that as long as the shipowner was not living in the United Arab Emirates, but probably in Iraq, it would not be meaningful to take recourse action against him, nevertheless decided that the matter should be reconsidered by the 1992 Fund and the 1971 Fund respectively before the expiry of the three-year time bar period (14 April 2004) in case the shipowner were to return to the United Arab Emirates. The Executive Committee and the Administrative Council also decided that the Director should investigate further the financial standing of the two companies in which the shipowner allegedly held shares as well as whether he still held the shares, and if so, their value.