26 Jun 2014
ALLIANZ MARINE SERVICES LLC v. THE OWNERS OF THE SHIP OR VESSEL “ALMOJIL 61”
- Citation
- ALLIANZ MARINE SERVICES LLC v. THE OWNERS OF THE SHIP OR VESSEL “ALMOJIL 61”
- Court
- Court of First Instance
- Case number
- HCAJ9/2013
The court held AMI did not acquire a beneficial interest in the vessel because the Agreement and AMI's conduct evidenced a loan and only a right to proceeds; absent fraud or wholly exceptional circumstances the ship registry showing MMG as registered owner is virtually conclusive of beneficial ownership as respects all shares, therefore MMG was the beneficial owner and the court had in rem jurisdiction; AMI's summons was dismissed.