Decision ID: 003996

In October 2014, discussion of the Iliad incident took place in a closed session to which only delegations of former Member States of the 1971 Fund, member of the Secretariat, experts, lawyers and members of the Audit Body were invited to attend. When the full plenary session of the 1971 Fund Administrative Council re-opened, the Chairman of the Administrative Council reported that in respect of the Iliad incident, the Council had authorised the Director to reach a global settlement with the North of England P&I Club for €1 million.