The rulings refer to a dispute between CCC and Palestinian businessman Munib Masri over CCC’s refusal to pay a share of revenues from the Masila oil field in Yemen. Under the terms of a 1992 deal, Masri was to receive 10 per cent of revenues.
A 2007 court ruling ordered the company to pay Masri more than $60m (MEED 5:8:08).
In mid-July, the UK High Court froze 15 of its bank accounts. This was followed by a House of Lords ruling rejecting CCC’s final appeal against paying Masri, and a Court of Appeal ruling that Toufic Khoury, a member of the CCC board, could be compelled to attend UK court proceedings.
“CCC’s worldwide operations are running as usual and this case will not disturb our operations,” says CCC in a statement to MEED.
CCC is one of the Gulf’s largest contractors and is expected to generate revenues of $5.6bn in 2008.
The frozen accounts are controlled by two subsidiaries: Consolidated Contractors International Company and Consolidated Contractors Oil & Gas Company.
The company adds that the court ruling has yet to be enforced internationally.
However, Andrew Bartlett, a solicitor at law firm Simmons & Simmons, which is representing Masri, says enforcement proceedings are ongoing in Bermuda, Lebanon, Switzerland and the US.