Interlocutory Award in Case Concerning SEDCO Inc. v. National Iranian Oil Company and the Islamic Republic of Iran
Iran-United States Claims Tribunal
10 Iran-U.S. Cl. Rep. 180 (1986)
- Written by Samantha Arena, JD
Facts
After the Iranian Revolution, the Islamic Republic of Iran (the Republic) (defendant) expropriated various foreign business interests. SEDCO, Inc. (SEDCO) (plaintiff), a subsidiary of a corporation in the United States, held one such expropriated interest in the SEDIRAN drilling company. Later, under the Algiers Accords, the United States and Iran agreed to resolve this conflict and any other commercial conflicts by arbitration before the Iran-United States Claims Tribunal, a special body created by the Algiers Accords. SEDCO argued that, according to customary international law, SEDCO was entitled to full compensation, calculated by adding together net assets and expected future earnings. The Republic argued that the full-compensation standard was not the correct standard and that, instead, the appropriate compensation should be measured under a goal of avoiding unjust enrichment. The Republic further argued that if SEDCO was entitled to compensation, then SEDCO’s compensation should be calculated according to the net book value of the business.
Rule of Law
Issue
Holding and Reasoning ()
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