Decisión nº: 000020

In October 1996 the 1971 Fund Executive Committee noted that a global settlement had been reached between the shipowner and the Government of Fujairah covering all claims arising out the incident (including one claim related to damage to the environment calculated on the basis of a theoretical model), but that the Director had no knowledge of the terms of the settlement, nor of the amounts involved, since the agreement contained a confidentiality clause. It was noted that the Fujairah Government had agreed to withdraw all legal proceedings against the shipowner, his insurer and the 1971 Fund, but was not in a position to give any guarantee to indemnify the 1971 Fund if claims were to be made against the Fund since the latter had refused to be party to the global settlement. The Committee emphasised that the Fund had refused to be party to the said global settlement because it had not been able to agree to settlements in respect of a number of claims due to lack of evidence substantiating the losses.