Last month, a Swiss court ordered Israel’s Trans-Asiatic Oil Ltd (TAO) to pay $1.1 billion to Iran in compensation over a joint venture from before the 1979 Islamic Revolution when King Reza Shah regime and the Zionist regime used to share the same bed.
As expected, Netanyahu’s regime called Swiss court decision as an old-fashioned antisemitism and has refused to pay the compensation. Its refusal is based on Talmud that doesn’t demand a Jew to pay money that he may owes to an enemy.
The Israeli firm TAO registered in Panama was ordered to pay compensation to National Iranian Oil Company in a legal tussle dating back to 1989.
The case relates to a joint venture established in 1968 under the defunct King Reza Shah of Iran to ship the country’s oil to the Israeli port of Eilat in the Mediterranean for export to Europe.
Iran cancelled the contract after the Islamic Revolution of 1979 because the country doesn’t recognize the Zionist entity.
Tel Aviv, instead, expropriated Iran’s assets and launched its own litigation offensive against the Islamic Republic, which has been dismissed at international courts.
According to Iran’s Press TV, the latest ruling pertains to a case related to the National Iranian Oil Company (NIOC)’s delivery of 14.75 million cubic meters of crude oil worth $450 million to Israel’s Trans-Asiatic Oil Ltd. or TAO.
In 1989, the Swiss court initially ordered TAO to pay $500 million to Fimarco Anstalt, a company registered before the revolution in Lichtenstein by NIOC.
The court put off proceedings for interest claims then, issuing a final ruling only this month, which ordered TAO to pay $1.1 billion in addition to $7 million in legal fees, IRNA quoted the source as saying.
The source said Iran has also launched a case against TAO in Panama’s courts for implementation of the ruling and original claims against the Israeli firm.
Switzerland’s Federal Supreme Court has reportedly allowed Iranian clients to file an arbitration claim for $7 billion against Israel.
The original claim is related to Iran’s shares in the Eilat-Ashkelon Pipeline Co. (EAPC), as well as two oil ports and storage facilities, and a fleet of tankers which have been expropriated by Israel.
The Tel Aviv regime has issued a secrecy order under which any information about the company’s operations and news of arbitration is subject to military censorship.
The EAPC, part of TAO, is one of the most secretive companies in Israel, operating under a special legal force since 1968.
The company enjoys immunity from public control and regime supervision including its comptroller as well as the Knesset and the media.
The Eilat-Ashkelon Pipeline Co. was built in the aftermath of the Sinai operation of 1956 against Arab armies.
During the months that Israel controlled Sinai, Israel stole pumps and pipes from an Italian and Belgian firms operating oil fields in the peninsula and built the pipeline from Eilat.