A US judge has ordered the seizure of more than $31.2m of cash belonging to Dubai-based OQ Trading as part of a chartering dispute with a unit of Delta Corp Holdings.
District judge Naomi Reice Buchwald approved the seizure four days after Delta Corp Shipping filed a federal lawsuit accusing OQ Trading of breaching a contract of affreightment.
The company sought to freeze cash in a JP Morgan Chase bank account to secure its claims in the dispute’s main battleground: a London arbitration tribunal.
