Equatorial Guinea was ordered by an arbitral tribunal to pay various sums to a bank. In 2012 the parties signed a settlement agreement over the dispute. The bank nevertheless tried to attach an aircraft owned by Guinea and held by a third party using the award.
The bank had no standing to execute a title that it had waived under the terms of the settlement agreement. The validity of the transaction was never questioned. In addition, the transaction contained an arbitration clause.