Sumary of Cairn Energy takes on India’s government:
- A picaresque example of the genre occurred in 2012, when Elliott Management, a buccaneering American hedge fund which held distressed Argentine bonds, seized a handsome tall ship belonging to Argentina navy..
- In December a court in the British Virgin Islands ordered hotels in New York and Paris owned by Pakistan International Airlines to be used to settle a claim against Pakistan government by a Canadian-Chilean copper company..
- In the meantime, therefore, Cairn has hired asset-tracing firms to investigate the overseas assets of Indian state-controlled companies..
- The company has also begun registering the arbitration award in America, Britain, France, the Netherlands, Singapore and Canada Quebec province, hoping to obtain legal judgments enabling assets there to be seized in lieu of payment….