Spanish Gas Company Says Egypt Is Using Trust To Avoid Enforcement Of $2B Award

(November 12, 2020, 3:39 PM EST) -- NEW YORK — A Spanish gas company in a partially redacted complaint filed Nov. 2 in a New York federal court says the Arab Republic of Egypt is illegally transferring assets into a trust with a New York bank to “shield” its assets from enforcement of a 2018 arbitral award for $2 billion, which the gas company says with interest is now worth approximately $3.9 billion (Unión Fenosa Gas S.A. v. Arab Republic of Egypt, et al., No. 20-9160, S.D. N.Y.)....