StudyCorgi Law

INA Corp.’s Acquisition in Islamic Republic of Iran

Facts

A company that is an affiliate of the INA Corporation acquired a significant ownership of an Iranian insurance company. It acquired 20 percent ownership in shares of Bimek Shargh and the process got approval from the Iranian insurance authority. This transaction was made in 1977 when the company paid a sum amounting to 20 million to acquire the shares

We will write a
custom essay
specifically for you

for only $16.05 $11/page
308 certified writers online
Learn More

Issue

INA filed a case in court alleging a decline in value of its 20 percent ownership in the Iranian company citing other issues such as interest and legal expenses.

Holding

Islamic republic of Iran demanded a motion dismissal from the district court asserting that the court lacked direct jurisdiction to handle the case. Iran also maintains that the Foreign Sovereign Immunities Act of 1976 of FSIA gave it immunity from legal suit.

Reasoning

The immunity appeal is challenged by the fact that the said agency was considered to be separate from the state.

  1. Concerning sovereign immunity, as mentioned above, the agency that developed this act and the state are two separate entities. The relationship between the state and FSIA greatly affects the court’s jurisdiction in this case.
  2. The claims tribunal found Iran guilty and awarded the complainant its insured equity interest claim arguing that Iran was seeking to deprive the company of shares in the park diary illegally. The republic of Iran paid the equity interest and damages in excess to cover for the legal expenses incurred in the suit.
Print Сite this

Cite this paper

Select style

Reference

StudyCorgi. (2021, February 15). INA Corp.'s Acquisition in Islamic Republic of Iran. Retrieved from https://studycorgi.com/ina-corp-s-acquisition-in-islamic-republic-of-iran/

Work Cited

"INA Corp.'s Acquisition in Islamic Republic of Iran." StudyCorgi, 15 Feb. 2021, studycorgi.com/ina-corp-s-acquisition-in-islamic-republic-of-iran/.

1. StudyCorgi. "INA Corp.'s Acquisition in Islamic Republic of Iran." February 15, 2021. https://studycorgi.com/ina-corp-s-acquisition-in-islamic-republic-of-iran/.


Bibliography


StudyCorgi. "INA Corp.'s Acquisition in Islamic Republic of Iran." February 15, 2021. https://studycorgi.com/ina-corp-s-acquisition-in-islamic-republic-of-iran/.

References

StudyCorgi. 2021. "INA Corp.'s Acquisition in Islamic Republic of Iran." February 15, 2021. https://studycorgi.com/ina-corp-s-acquisition-in-islamic-republic-of-iran/.

References

StudyCorgi. (2021) 'INA Corp.'s Acquisition in Islamic Republic of Iran'. 15 February.

Copy to clipboard

This paper was written and submitted to our database by a student to assist your with your own studies. You are free to use it to write your own assignment, however you must reference it properly.

If you are the original creator of this paper and no longer wish to have it published on StudyCorgi, request the removal.

Psst... Stuck with your
assignment? 😱
Susan
Online
Psst... Stuck with your assignment? 😱
Do you need an essay to be done?
Yes
What type of assignment 📝 do you need?
Yes
How many pages (words) do you need? Let's see if we can help you!
Yes