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Cairn Energy is said to have seized Indian government property in Paris, with a sharp increase in war between an oil producer in Scotland and the government of Narendra Modi.
Cairn’s recent move to force India to pay $ 1.7bn by an international tribunal over a tax dispute.
Cairn, which has a market capitalization of only $ 752m and only 180 employees, was paid last year after a lengthy trial.
He said he had secured $ 70bn of assets worldwide from homes to Air India flights that would try to seize as long as the Modi government refused to pay.
His cool work in Paris is just beginning to work out. The company said it would transfer ownership of 20 properties valued at more than $ 20 million, including in the 16th and 14th states. Official documents by the Financial Times confirmed that a French court had approved the liquidation.
The approach is similar to that of the US hedge fund Elliott Capital Management, which in 2012 hijacked an Argentine shipwreck in Ghana over debt. Cairn also hired a lawyer for Dennis Hranitz, who worked on the Elliott case.
Cairn, based in Edinburgh and based in London, has pressured the UK government to support its claims, but has been frustrated by the delay in progress and the Modi government’s refusal to pay. The UK government worked hard to negotiate a post-Brexit trade agreement with India.
The oil company said the cooling of the land approved by the Court of France, Tribunal Judiciaire de Paris, “is an important way to prepare for land acquisition and ensure that any sales revenue is due to Cairn”.
Investigators say New Delhi does not want to honor the international tribunal and will continue to appeal to the court following Modi’s refusal to admit any wrongdoing in its administration. Any payments made now in Cairn can be calculated as an acknowledgment of error.
“This government is very clear – they can’t admit they made a mistake – even though they are watching you,” said Partha Mukhopadhyay, director of the Center for Policy Research in New Delhi, earlier this year.
Under a law enacted in 2012, India also demanded $ 1.4bn in taxes from Cairn Energy on how the UK company relocated its Indian company to the Bombay Stock Exchange in 2007.
In December a Dutch court ruled that India had violated the UK-India Bilateral Investment Agreement in 2014 when tax authorities seized Cairn Energy’s remaining 10% stake in Vedanta.
The Indian government has not responded to a request for comment.
“What we really like is the peace agreement with the Indian government to resolve this issue,” Cairn said, adding that he had given “detailed ideas to them since February this year”.
“However, in the absence of such an agreement, the Cairn must take legal action to protect the interests of its foreign partners.”
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