PetroSaudi Oil Services (Venezuela) Ltd v Clyde & Co LLP
The court declined to grant POS's application for payment of funds into court or to its solicitors, holding that Clyde, as trustee, is not required to expose itself to a real risk of criminal prosecution in the US, and contractual protections in the escrow agreement remain operative post-arbitral award, outweighing POS's financial predicament.
- Parties
- Claimant: PetroSaudi Oil Services (Venezuela) Limited; Defendant: Clyde & Co LLP
- Jurisdiction
- England and Wales
- Judgment Date
- 26 February 2021
- Procedural Posture
- Civil / Judgment
- Outcome
- Application dismissed
- Legal Topics
- Trustee Liability, Escrow Agreements, Foreign Forfeiture Orders, Supervisory Jurisdiction, Contractual Protections, Risk of Foreign Prosecution
Case Brief
Summary, issues, holding and outcome
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Parties
PetroSaudi Oil Services (Venezuela) Limited
Claimant
Clyde & Co LLP
Defendant
Procedural Posture
Civil / Judgment
Legal Issues
- 1 Whether Clyde & Co LLP can be compelled to pay escrow funds to POS or into court given risk of US prosecution
- 2 Effect and survivability of escrow agreement post-arbitral award
- 3 Court's supervisory jurisdiction over trusts in context of foreign forfeiture proceedings
Ratio Decidendi
The court declined to grant POS's application for payment of funds into court or to its solicitors, holding that Clyde, as trustee, is not required to expose itself to a real risk of criminal prosecution in the US, and contractual protections in the escrow agreement remain operative post-arbitral award, outweighing POS's financial predicament.
Court Disposition
Application dismissed
Full Case Text
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