The British Justice has authorized the preventive seizure of the Vicente Cañada Blanch Spanish Institute, a historic building owned by the Spanish State located in London that is based in an old Dominican convent. This measure is part of the United Kingdom’s plan to seize assets from Spain and thus execute one of the awards lost by the country due to the cuts in renewable energies carried out in the past decade.
The blocked property, by order of the High Court of London, responds to the pending payment by Spain to the owners of the debt of the French fund Antin, which sold its rights in this dispute and received compensation of 101 million for the consequences of the electrical reform that was carried out under the mandate of Mariano Rajoy.
Likewise, the non-payments have made the original compensation add up to 20 million in interest for late payment and close to 6 million for costs. Therefore, the obligations associated with this case have already exceeded 127 million euros.
previous embargoes
However, this is not the only embargo case that this court has published. Well, last week, the British court authorized the precautionary seizure of compensation for the Prestige catastrophe, a collection right valued at more than 900 million euros.
Two months ago, the British Justice issued a judgment to board, in a precautionary manner, the London headquarters of the Cervantes Institute in response to the award issued in favor of another ‘green’ investor, Blasket Renewable Investments, as well as the seizure of a bank account of the Kingdom of Spain and a foreign action building of the autonomous community of Catalonia.
In turn, at the other end of the planet, Australia, the Supreme Court has issued a ruling that opens the door to similar measures. In the coming months, the announcement of the first embargoes that will affect Spanish assets in the oceanic country is expected.
The asset seizure strategy will continue as long as Spain does not comply with the payment of the more than 1,200 million euros that it owes to the affected companies and investors, as well as with the payment of the extra costs generated by late-payment interest and costs. (in total, 250 million more).
