UK ordered to pay $650 mn to Iran

Discussion in 'Americas' started by A.V., Apr 26, 2010.

  1. A.V.

    A.V. New Member

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    An arbitration court in The Hague has ordered the British government to refund $650 million to Iran over an outstanding 1970s arms deal.

    The British government has confirmed the court's ruling and that the compensation money for Iran is now sitting in bank accounts waiting to be withdrawn, ABC reported on Sunday.

    Between 1971 and 1976, the Shah of Iran had ordered 1,500 state-of-the-art Chieftain battle tanks and 250 military vehicles costing £650 million, The Independent reported.

    The deal was canceled after the Islamic Revolution in 1979 and Iran took Britain to court to reclaim the down payment.

    The Independent has revealed that Britain is to pay back nearly 400 million pounds to Iran's Defense Ministry after finally admitting defeat in the dispute.

    According to The Independent report, the settlement between International Military Services (IMS) Ltd, the company used by the British Ministry of Defense to strike the tank deal with the Shah in the 1970s, and Iran's Defense Ministry will be finalized in the coming weeks.

    http://aljazeera.com/news/articles/34/UK-ordered-to-pay-$650-mn-to-Iran.html
     
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  3. dave lukins

    dave lukins Defence Professionals Defence Professionals

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    Provided the Shah can collect the debt in person then Britain should pay up:)
     
  4. bhramos

    bhramos Elite Member Elite Member

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    but is he or his hire's alive!!!
    then they can.......
     
  5. ahmedsid

    ahmedsid Top Gun Senior Member

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    Mr Dave was joking I guess, but then how can Shah get the money? Its like Manmohan Singh Getting the Downpayment money if the MMRCA Deal gets cancelled :p The Money belongs to the Iranian People, their hard earned money, just as the MMRCA money is ours! :D
     
  6. dave lukins

    dave lukins Defence Professionals Defence Professionals

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    Thank you kind sir..Yes I was being a little jocular. However, if Britain owes Iran money for past services then we should pay our dues after all it would not be British to do so.
     
  7. ahmedsid

    ahmedsid Top Gun Senior Member

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    The British will Pay up I feel, but I always wonder why it takes so long a time, to pay up in issues such as this, because it can be clearly seen that no delivery took place so the downpayment has to be paid back (unless there is a clause or a particular amount be withheld for any losses suffered)

    PS: Would like to see you more Active here Sir :) Hope you will take apart a little time of yours for us chaps out here :) God Speed
     
  8. dave lukins

    dave lukins Defence Professionals Defence Professionals

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    I certainly will, provided you stop thrashing us at Cricket:)

    Hakuna Matata
     
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  9. Known_Unknown

    Known_Unknown Devil's Advocate Stars and Ambassadors

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    The British are just being themselves! Looting riches from other countries is, after all, not very alien to their DNA.
     
  10. Armand2REP

    Armand2REP CHINI EXPERT Veteran Member

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    Haha, UK is already a bit close to insolvency. One more little push and its the next Greece.
     
  11. ahmedsid

    ahmedsid Top Gun Senior Member

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    hmm you got to give it to them on one aspect. They are good administrators, yes colonial stuff aside, they did some good in India (even if it was for themselves mainly). I mean the Yankees should ve learnt from them. Basra is actually much more better administered under the British in Iraq, until recently! It was the first place to restore all amenities as soon as the Brits took control! Looting was immediately curbed et al. You got to give them due :)
     
  12. tarunraju

    tarunraju Moderator Moderator

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    Wwwait what about monetary inflation? It's not like $650m paid in 1970 has the same exact value as $650m today?!

    USD had an 80% monetary inflation from 1970 to 2009 (which means its purchasing power went down 80%, $650m(1970) value today would be $1.17 billion)
     
    Last edited: Apr 26, 2010

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