High Court makes order against Iranian retirement fund

The Commercial Court has considered a claim against the Iranian state-owned oil and gas company and a closely related retirement fund: Crescent Gas Corporation Ltd v National Iranian Oil Company [2024] EWHC 835 (Comm). The former had transferred a London property to the latter a few days after a high-value arbitration award was made against the former in favour of a privately-owned exploration and production company. It was contended by the defendants that the transfer recognised the existing beneficial ownership. The Court considered the evidence of various witnesses, Iranian law, the Recognition of Trusts Act 1987 and the requirements for the declaration of a trust of land in the Law of Property Act 1925, before ordering that the property be transferred to the claimant. To read the judgment, click here.