On 21st and 22nd March 2017, the Supreme Court heard oral argument in Taurus Petroleum Ltd v State Oil Marketing Company of the Republic of Iraq.

The principal issues in the appeal are (a) identification of the beneficiary and creditor of the issuing bank’s primary promise to pay under a letter of credit; (b) the situs of debts owed by issuing banks under letters of credit; (c) the extent of immunity from execution afforded to a State’s Central Bank by ss 13 and 14  of the State Immunity Act 1978; and (d) the principles to be applied when a court is exercising its discretion to make extraterritorial receivership orders, appointing a receiver by way of equitable execution.

Guy Blackwood QC (led by Gordon Pollock QC, Essex Court Chambers) acted for the appellant, Taurus, instructed by Holman Fenwick Willan (Jeremy Davies/Sarah Hunt).

The proceedings are recorded and can be found by following the attached link.