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HomeLatest NewsNew British blow to Spain for renewables with the embargo of accounts

New British blow to Spain for renewables with the embargo of accounts

Date: February 25, 2024 Time: 19:05:31

The High Court of Justice of England and Wales has provisionally seized 800,000 euros from four bank accounts that Spain has in the United Kingdom due to the renewable energy award and which are managed by Banco Santander, according to sources familiar with the process.

The events took place in 2013 and the judicial resolution was issued on November 9, in response to a request from the investment group Blasket Renewable Investments. Specifically, the International Center for Settlement of Investment Disputes (ICSID), dependent on the World Bank, recognized the group’s right to receive 28.2 million euros in compensation for the electrical reform in Spain carried out in that year 2013. .

This is the second judicial victory in just a month for Blasket, since he has also recently obtained the precautionary seizure of two properties belonging to the Spanish State and sites in the United Kingdom, such as the headquarters of the Cervantes Institute in London and the headquarters of the Economic promotion of Catalonia.

The embargo has already been notified to the Spanish Government and it has a period of seven days to guarantee the deposit of 800,000 euros in the four accounts it has in the United Kingdom, linked to the Cervantes Institute.

The decision of the British justice is not yet final, since Spain has two months to challenge the judicial decision and request that it be modified or annulled.

Infrared Case

The process of seizure of assets promoted in relation to the Infrarrojos case began last April, with the precautionary seizure of two properties: the headquarters of the Cervantes Institute in London and the headquarters of the economic promotion body of Catalonia, ACCIÓ.

In parallel, those affected by the Spanish government’s non-payments activated a process known as TPDO or Third Party Debt Order through which they claimed that four bank accounts linked to the operations of the Cervantes Institute in Great Britain were intervened.

A team of lawyers and consultants specialized in this type of procedures began working on this process linked to the Infrarrojos case at the beginning of 2023. The measures adopted between April and November have given rise to the seizure that is now coming to light. The decision has already been duly communicated and notified to the government of Spain.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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