Cayman court refuses global freeze on Essar GF

摘要

In a setback for ArcelorMittal, the Grand Court of Cayman Island has declined its plea for a ‘Garnishee Order’ and a ‘Freezing Injunction’ against Essar Global Fund Ltd, the parent firm of Essar Group of companies, to recover a $1.5 billion arbitration award. ArcelorMittal has mounted legal battles against the Ruia family in multiple countries in an effort to enforce the arbitration award it had won in December 2017 on an Essar Steel Minnesota terminated iron-ore pellet supply contract to ArcelorMittal USA LLC (AMUSA).