Facts
The Islamic Republic of Iran obtained the attachment of all assets of Universal Oil Trade Inc. held with Compagnie Financière Méditerranéenne Cofimed S.A. in Geneva, for a claim of CHF 106,538,736 with 5% interest as of 19 February 1981, equivalent to USD 53,269,368. The attachment was executed on 13 May 1981 and covered the amount of USD 17,813,000 (approximately CHF 45,000,000 at the time). The attachment order required the creditor to provide security of CHF 2,000,000. Subsequently, the attached debtor and Sarakbi requested an increase of the security, which was raised to CHF 5,000,000, and then to CHF 10,000,000.Considerations
According to case law, circumstances may arise after the initial decision that justify an increase in the amount of security to be provided by the attaching creditor. Thus, the unforeseen duration of a validation procedure for the attachment or a decrease in the value of the security, for example due to a drop in the exchange rate of the foreign currency or the securities deposited, may justify such an increase. This increase aims to provide the debtor with sufficient guarantee to compensate for the damage that the creditor could be charged with repairing in the eventual trial under Art. 273 DEBA.
Although the attachment order is not subject to appeal and has the force of res judicata, the judge may, without arbitrariness, modify an initial order in view of new allegations that provide a…