Name partner Sarosh Zaiwalla is arguing that Iraqi dictator Saddam Hussein needs these funds to pursue its claim to lift the UN sanctions before the International Court of Justice in The Hague.
The Bank of England has already rejected previous applications by Zaiwalla, who has made recommendations to the instructing Iraqi foreign ministry to make applications through the UK courts to judicially review the Bank of England’s decision.
He has also recommended that Iraq appeals the decision on the grounds that it is contrary to the Human Rights Act, on the grounds that it has been deprived access to law as it cannot pay lawyers without the frozen funds.
Zaiwalla, who has spent £15,000 of his own funds on the case, is unable to be paid by Iraq under the terms of the UN sanctions against the dictatorship without approval from the Bank of England.
Following a governmental dec-ision two and a half years ago to house financial services regulation within one regulator, the shape of that regulator is seeing the light of day for the first time Responsibility for the regulation of financial services in Ireland currently rests with different regulators. The Irish Central Bank regulates the majority of […]