Lyon Court of Appeal, 15 February 2018, le sheikh A. Faisal B. v. Credit Foncier de France, no. 17/08585

Under a contract dated 10 July 2008, Sheikh Faisal personally guaranteed for a loan given by the Crédit Foncier for his company Gulf Leaders in the construction of a hospital in Saudi Arabia. Under a dispute, two arbitration proceedings have been initiated, one on the loan contract, the other on the contract of guarantee, before the International Chamber of Commerce, the latter having ordered the payment of €45 million to the Crédit Foncier. Sheikh Faisal has therefore initiated a judicial review. Meanwhile, the Crédit Foncier invoked the award and carried out the seizure of immovable assesses belogning to the Sheikh and located in Divonne-les-Bains. Following this, the Sheikh Faisal asked the appellate judge to stay the proceedings on the seizure until the judicial review. The Court of appeal does not grant the request, considering that judicial review proceedings do not have a suspensive effect and do not deprive the creditor of relying on the award which may be enforceable.

2018-03-04T22:10:33+00:00 February 15th, 2018|Court of Appeal, Lyon Court of Appeal|0 Comments

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