💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Iran files complaint with ICJ to recover $2 billion frozen in U.S.

Published 06/15/2016, 03:47 PM
Updated 06/15/2016, 03:50 PM
© Reuters. Iranian President Hassan Rouhani speaks during a news conference in Islamabad

BEIRUT (Reuters) - Iran has filed a formal complaint with the International Court of Justice to recover nearly $2 billion in assets frozen in the United States, Iranian President Hassan Rouhani said on Wednesday.

The U.S. Supreme Court ruled in April that the assets must be turned over to American families of people killed in the 1983 bombing of a U.S. Marine Corps barracks in Beirut and other attacks blamed on Iran.

The Iranian complaint was filed on Tuesday, Rouhani said at an "iftar" evening gathering in Tehran to break the Islamic Ramadan fast, according to the website of Iranian state television. 

“The government of the Islamic Republic of Iran officially complained about America to the International Court of Justice for the confiscation and theft of two billion dollars of the property of the central bank,” Rouhani said.

"And demanded the condemnation of Washington's anti-Iranian action and compensation for damages."

More than 1,000 plaintiffs in the case have accused Iran of providing material support to Hezbollah, the Shi'ite Islamist political and military group responsible for the 1983 truck bomb attack that killed 241 U.S. service personnel in Beirut.

They also sought compensation related to other attacks including the 1996 Khobar Towers truck bombing in Saudi Arabia, which killed 19 U.S. service personnel.

After the April Supreme Court ruling, Caragh Fay, a lawyer representing the victims of the Beirut attack, said it could take from three months to a year for the funds to be dispersed to plaintiffs.

Money will go to the estates of service members who were killed, their families and to those who survived the attacks. Payouts will range from hundreds of thousands to millions of dollars, Fay said.

The assets held in New York were part of the Iranian bank's foreign currency reserves. They were traced to a Citibank account in New York held by Luxemburg-based Clearstream Banking, which acted as a intermediary for Banca UBAE, an Italian bank of which the Iranian central bank, Bank Markazi, is a customer.

It is unclear how Iran’s complaint to the International Court of Justice may affect the payments.

© Reuters. Iranian President Hassan Rouhani speaks during a news conference in Islamabad

“We shouldn't stay quiet in the face of this incident … and we will pursue this complaint until it reaches a result," Rouhani said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.