Republic of Croatia v. Girocredit Bank A.G. der Sparkassen

36 International Legal Materials 1520 (1997)

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Republic of Croatia v. Girocredit Bank A.G. der Sparkassen

Austria Supreme Court
36 International Legal Materials 1520 (1997)

SC

Facts

The National Bank of the Socialist Federal Republic of Yugoslavia invested funds in Austria pursuant to a series of contracts with Girocredit Bank (defendant), an Austrian bank. Subsequently, the Socialist Federal Republic of Yugoslavia (SFRY) dissolved into the states of Croatia, Macedonia, Slovenia, Bosnia-Herzegovina, and the Federal Republic of Yugoslavia (FRY). Croatia and others (plaintiffs) requested that Girocredit freeze the SFRY assets until the successor states to the SFRY could determine how to dispose of the SFRY’s assets. Girocredit declined the request. The National Bank of the FRY claimed to be the lone successor of the National Bank of the SFRY. The plaintiffs brought suit seeking a ruling requiring Girocredit to cease and desist any unilateral disposition of SFRY assets. The lower courts ruled in favor of the plaintiffs. The Austria Supreme Court granted review.

Rule of Law

Issue

Holding and Reasoning ()

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