DECISION BY THE FRENCH SUPREME COURT, FIRST CIVIL CHAMBER RENDERED IN 2004 IN CASE 1231 FS-P

 

Subject Matter: Whether French courts can order a company to pay interest as from the date of an international arbitral award, “post-award interest.”

 

Finding: Where post-award interest has not been awarded by the international arbitral tribunal, it may be obtained from French courts when the award is subject to an enforcement order (exequatur) in France since the law applicable to the post-award interest is the law of procedure of the country where the award is enforced.

 

Parties:

Claimants: 1. ABC International Bank PLC (France), 2. The Inter-Arab Investment Guarantee Corporation (IAIGC) (Kuwait)

Respondent: BAII Recouvrement (France)

 

Place of Court Proceedings: France

 

Applicable Law: French Law, Article 1153-1 of the Civil Code

 

Place of Arbitral Proceedings: Jordan

 

Excerpts below are an unofficial translation of the court proceedings.