Luxembourg-based steelmaker ArcelorMittal has won an arbitration award from the High Court of Singapore to prohibit the transfer of Singapore-based Liberty House Group’s assets outside the country, according to a media report by the Financial Times.
In January this year, a London arbitration tribunal issued a €140 million deferred compensation award against Liberty House Group and UK-based Liberty Steel East Europe for the benefit of ArcelorMittal, stemming from ArcelorMittal’s sale of steel plants in Romania, the Czech Republic, and several other European countries to Liberty Steel Group in 2019.
Regarding the freezing injunction, Sanjeev Gupta, executive chairman of UK-based GFG Alliance, commented that it is a long-running dispute relating to a contested deferred consideration from 2019 and added that Liberty House Group’s assets are non-trading companies, so the freezing injunction will have no impact on any of the company’s businesses, suppliers, or customers.