Belgian Court Rules Country’s Treasury Department Lacks Authority to Decide on Russian Bank’s Frozen Assets
The court said Belgium’s delegation of release decisions was too broad, leaving the BCS Bank ruling open to wider legal challenges.
10 Articles
10 Articles
Belgium should designate a "competent authority" to decide on requests for the release of frozen assets.
The Belgian court ruled that the Treasury did not have the proper authority to deny BCS Bank to unlock assets from Euroclear, but did not order them to be returned.
Belgian court rules country's treasury department lacks authority to ...
Belgian court rules country's treasury department lacks authority to decide on Russian bank's frozen assets
BRUSSELS, Sept 16 - Belgium's top administrative court ruled that the country's treasury department lacked the proper legal authority to refuse the release of frozen assets of Russian bank BCS held at Brussels-based clearing house Euroclear. Read more at straitstimes.com.
The Treasury, the department of the SPF Finance which manages the financial obligations of the State, is not competent to judge whether frozen Russian assets can be released under certain conditions, according to the Council of State in a judgment of Friday, quoted Wednesday in De Tijd. ...
The Belgian Council of State has established that the Treasury of the Federal Ministry of Finance does not have the legal power to decide on requests for the release of frozen Russian assets. The decision may affect hundreds of decisions made in recent years, but it does not mean that the assets will be automatically released.
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