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Iranian Co. Wins $87M Fraud Claim Over Oil Rig Deal

Law360, London (March 1, 2019, 4:52 PM GMT) -- A judge in London handed a victory to an Iranian oil and gas engineering company on Friday, accepting its claim that it was a victim of fraud after a $87 million payment it made in an agreement to acquire an oil rig in Turkey was misappropriated.

Judge Christopher Butcher found in favor of Iranian Offshore Engineering and Construction Company on most of its claims against five individuals and four businesses involved in the acquisition deal, which dates from 2012. The engineering contractor filed the suit at the High Court in 2016, alleging that the defendants colluded to broker transactions that would allow...

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