Nelcon company sold its Iraqi State debt to Grootint company (Dutch company). Grootint requested payment before the Dutch jurisdictions. The payment was granted and the decision was enforced in
France.
Iraqi State and the Central Bank appealed the high court decision, then the decision of the court of appeal. The Cour de cassation set aside the decision and the parties gathered before
another court of appeal. Iraqi State and the Central Bank raised an objection, asserting
the existence of an arbitration clause in an agreement letter originally signed by the parties.
The Court of Appeal dismissed this assertion, on the grounds that the parties were able to
use this point during the Dutch proceeding but did not do so.