iran News Update:

By Mostafa Aslani

A recent ruling by the Rotterdam Regional Court rejected the National Iranian Oil Company’s (NIOC) protest over the confiscation of its building in Rotterdam. This property was subsequently transferred to Heuvel Vastgoed B.V., in accordance with an international arbitration verdict, due to NIOC’s debt in the Crescent case. The expropriation became final on April 20, 2023, when the building was sold in a public auction.

Timeline of the Rotterdam Seizure

The process began on May 20, 2022, when a Dutch court issued a temporary arrest warrant for the building at Crescent Petroleum’s request. Following months of legal proceedings, this ruling was upheld, paving the way for the auction. Despite NIOC’s efforts to invalidate the auction by invoking international laws regarding state immunity, the District Court of Rotterdam dismissed their objections. Legal experts view this decision as setting a precedent for future cases involving Iranian assets.

Previous Confiscations

This is not the first instance of Iranian property being seized in connection with the Crescent case. On April 18, 2024, a UK court ordered the seizure of a building owned by Iran’s oil pension fund, which was attributed to NIOC. This property, located near the British Parliament and Westminster Cathedral, had been under Iranian ownership for five decades. It was sold for £100 million ($125 million), a figure critics argue was significantly below its estimated value of up to $800 million.

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