Read the full judgment text of HCIA 3/1971 on BabelCite. This HCIA judgment.
1. The respondent company (hereinafter referred to as “the Company”) was incorporated in Israel on 7th July 1945. It operates the business of shipowners - passenger and cargo services - its Hong Kong agents being Sun Hing Co. Since its incorporation, the Government of Israel has supported the Company by massive injections of capital and by annual subventions to cover its operating losses. The Company was unable to repay certain large loans; and in 1966, the Israeli Government decided to invest £