Claim of Seized Assets by a Third Party

Facts

Actimon SA obtained a seizure order against the Libyan Republic from the District Court of Zurich. The assets of the Libyan Republic, in particular those of the Central Bank of Libya and the Libyan National Oil Company, were seized. The Central Bank of Libya then mandated a lawyer to assert its ownership rights over the seized assets. The District Court of Zurich granted Actimon SA a deadline to contest this claim of ownership.

Considerations

The Federal Tribunal considers that the delay of the Central Bank of Libya in announcing its claim of ownership is not abusive. Although the Central Bank was aware of the seizure as of 28 May 1984, it had to take the necessary time to verify whether it constituted a legal entity distinct from the Libyan Republic, which was a central question in asserting its ownership rights. Given the geographical distance and language difficulties, a two-month delay to carry out these verifications is not considered excessive.

Furthermore, Actimon SA was not entirely unaware of the possibility of a claim by a third party, as it knew that the seized assets were in the name of the Central Bank of Libya. It was therefore able to assess the risks…