Singapore High Court dismisses a US$378 million enforcement action against a Venezuelan state-owned company facing US sanctions

Abraham Vergis, S.C., Nawaz Kamil, and Lyndon Choo (曹豪仁) were recently successful in resisting a US$378 million enforcement action in the Singapore High Court while acting for a Venezuelan state-owned company engaged in hydrocarbons transportation.

The claim was mounted on the argument that the Venezuelan state-owned entity (“SOE”), which presently faces US sanctions, was an alter ego / extension of the State. The claimant sought a declaration that would have allowed it to enforce an ICSID award obtained against Venezuela for over US$378 million against the Venezuelan SOE’s own assets.

A commentary of the case was recently published on the Singapore Law Watch.

Read the commentary at the link here.