Johnny R.Saadé: Damascus Court Decision Irrevocable

  • Business & Finance

In a reaction to the ruling from Beirut court on suspension of asset freeze of CMA CGM Chief’s company in Lebanon, previously ordered by the Supreme Court of Damascus, Mr. Johnny R.Saadé said that the judgement from Damascus  is final and irrevocable.

Under the judgement, Head of the French shipping giant CMA CGM, Mr. Jacques Saadé and his family were ordered payment of damages to his younger brother Johnny R.Saadé and his Mistral Holding Sal worth over Euros 600 million.

As explained by Mr Johnny Saadé Spokesperson, the judgment of the supreme court is applicable in all the countries of the world in accordance with international law.

As a result, “all the assets of CMA-CGM S.A., Mr. Jacques Saadé and his family around the world are under threat, not just in Syria.”

The attempt by CMA-CGM to minimize the impact of such a decisive and final decision is somewhat understandable given that the auditors of the company (Deloitte & Touche, KPMG and PriceWaterhouseCoopers) have the obligation under French law to take the appropriate reservations and  provisions in the accounts of CMA-CGM S.A. for the year 2014,”  the press bureau of Mr. Johnny R. Saade told World Maritime News.

“As for the local Lebanese episode, a Beirut court has temporarily suspended the execution of the Damascus judgment in Lebanon only. This decision cannot obviously impact the world at large. In any case, the Lebanese decision did not impact the conservatory seizure in Lebanon of all the assets of CMA-CGM, Jacques Saade and his family. Those assets are still seized until the temporary judgment is lifted following our appeal of this decision,” the bureau added.

This decision puts an end to twenty years of judicial conflict between the two brothers before various courts, including those in France and Syria.

French justice had already recognized the primacy of the Lebanese decision.

World Maritime News Staff

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