The confiscation order for the Oil Fund building in London in favor of Crescent was finalized and confirmed

According to Energy Press, in the early 1980s, a contract was signed between the National Iranian Oil Company and Crescent Petroleum/Crescent Goss to sell natural gas from Iran to the United Arab Emirates. The contract, known as the Crescent Contract, contained long -term obligations and included an international arbitration condition.
Over time, the matter was referred to arbitration for various reasons, including the dispute over price and the implementation of the contract. Eventually, the arbitration board issued a vote, whereby Iran and the National Petroleum Company must pay significant damage to Crescent.
After the verdict was issued, Crescent in the British courts applied for arbitration. The Supreme Court, citing the British Arbitration Act, considered the arbitration verdict to be valid and binding.
Transfer of ‘NIOC House’ in London
One of the most important events after the arbitration sentence was the transfer of a London building called “Nioc House”. The building was originally owned by the National Petroleum Company and then transferred to the Petroleum Pension Fund.
Crescent described the transfer as a transfer of assets to escape the access of creditors and sued the British court. The legal citation of this complaint was the British Bankruptcy Act, which allows any transfer “against less real value” and to deprive the creditor of access to assets.