An informed source in London has told Iran’s IRNA New Agency that the UK Court of Appeal has agreed to refer the Crescent case to the country’s Supreme Court, effectively delaying the confiscation of a historic building owned by Iran’s Oil Industry Pension Fund.
According to the source, who requested anonymity, the decision follows Iran’s appeal against the appellate court’s earlier ruling, with disagreement among the three judges paving the way for a higher review.
Earlier this month, the UK Court of Appeal had upheld a lower court’s decision allowing the seizure of the Victoria Street property in favor of the Emirati firm Crescent Petroleum, which claims the building was transferred to the pension fund to shield assets from creditors after an international arbitration ruling.
More than 15,000 Iranian oil industry employees and retirees have signed an online petition asserting that the property was purchased with pension assets and must remain under the fund’s ownership. The National Iranian Oil Company (NIOC) said it remains committed to pursuing all legal channels to overturn the ruling and protect the assets of its workers.
The long-running Crescent dispute stems from a 2001 gas contract between NIOC and Crescent Petroleum, which has been subject to arbitration and litigation for over two decades.
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