Dismissal of the civil appeal of company X. Ltd against Bank Y.

Facts

Company X. Ltd obtained from the Court of First Instance of Geneva two orders for the sequestration of the assets of Bank [Y.], the central bank of State [Y.], for a total amount of 275 million Swiss francs. Bank [Y.] filed oppositions which were dismissed at first instance. On appeal, the Court of Justice of the Canton of Geneva annulled the sequestration orders, considering that Bank [Y.] benefited from the restricted immunity of forced execution because X. Ltd's claims did not have a "sufficient connection with Switzerland". X. Ltd appealed this decision to the Federal Tribunal.

Considerations

The Federal Tribunal dismissed X. Ltd's appeal. It considered that, although the alternative conditions of Art. 271 para. 1 no. 4 DEBA are not cumulative, the requirement of a "sufficient connection" of the claim with Switzerland remains applicable to foreign states and their central banks, under the general principles of international law. In the present case, the cantonal court held that X. Ltd's claims did not have a sufficient connection with Switzerland, in particular because the place of performance of the obligation was not clearly established in Switzerland.

Furthermore, the Federal Tribunal confirmed…