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title: "House Oversight: Estate Documents (Nov 12) (HOUSE_OVERSIGHT_017855)"
source: "House Oversight: Estate Documents (Nov 12)"
sourceUrl: "https://www.justice.gov/epstein"
date: "2026-01-01"
category: "House Oversight"
eftaNumber: "HOUSE_OVERSIGHT_017855"
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ocrElapsed: 0.0
parseTier: "external-legacy"
engine: "engine undisclosed (ep-nov-12.greg.technology mirror)"
externalSource: "greg-ep-nov-12"
externalLicense: "not granted"
externalCredit: "ep-nov-12.greg.technology"
externalUrl: "https://ep-nov-12.greg.technology"
---
790
349 FEDERAL SUPPLEMENT, 2d SERIES
or created under the laws of a third coun-
in partnership between these administra-
try.
tive parties and private institutions." PIF
[121 In Dole Food, the Supreme Court
Charter 12, at Berger Aff. Ex. 4B ("PIF
held "that only direct ownership of a ma-
Charter"); Affidavit of Abdallah Bin Ha-
jority of shares by the foreign state satis-
mad Al-Wohaibi 13, the Director of the
fies the statutory requirement" outlined in
Legal Department of the Ministry of Fi-
§ 1603(b). 538 U.S. at 474, 123 S.Ct. 1655.
nance, at Berger Aff. Ex. 4 ("Al-Wohaibi
Accordingly, the Kingdom of Saudi Ara-
Aff."). Its board of directors are all Saudi
bia's ownership of NCB must be direct for
officials named in its charter, its employ-
NCB to enjoy immunity under the FSIA.
ees are civil servants, and the Ministry of
That is, NCB will not be deemed an instru-
Finance is responsible for its costs.
Id.
mentality of the Kingdom if the PIF, its
114, 8, 10; see also PIF Charter 114, 7.
majority owner, is determined to be an Its board must submit an annual report to
agency, instrumentality, or organ of the
Saudi Arabia's Council of Ministers sum-
Kingdom. See § 1603(b)(2) (stating agen- marizing its financial position and major
cy or instrumentality is entity whose ma-
operations. Al-Wohaibi Aff. I10. It has
jority ownership interest is held by either
no separate legal status from the Ministry
the foreign state or a political subdivision
of Finance. Id. I4. The PIF holds shares
thereof); Filler v. Hanvit Bank, 378 F.3d
of corporations and operational assets,
213 (2d Cir.2004) (holding an organ's own-
"generally ... on behalf of the Ministry of
ership of two banks did not, in turn, make
Finance."
Id. 19. It may be sued as a
the banks organs or instrumentalities of
department of the Ministry of Finance,
foreign state); see also In re Ski Train
and
as such, the Ministry of Finance
Fire in Kaprun, Austria, 198 F.Supp.2d
would be named as the defendant. Id.
420, 426 (S.D.N.Y.2002) (holding ski resort
112. It funds investments on behalf of
owner, which was owned in part by instru-
the Kingdom and it provides financing
mentality of Austrian government, was not
terms for projects that commercial lenders
instrumentality because it was not owned
do not. Id. 15; Supplemental Al-Wohaibi
directly by the state or a subdivision there-
Aff. 11 8-10 (hereinafter "Supp. Al-Wohai-
of); Hyatt Corp. v. Stanton, 945 F.Supp.
bi Aff.").
675, 688 (S.D.N.Y.1996) (concluding "that
corporations a majority of whose shares
a. Status of the PIF
are owned by agencies or instrumentalities
of foreign states are not themselves agen-
In Filler v. Hanvit Bank, a case with
cies or instrumentalities"). Thus, NCB
facts very similar to those presented here,
must demonstrate that the PIF is the
the Second Circuit reiterated Dole Food's
equivalent of the Kingdom of Saudi Arabia
requirement of direct ownership for instru-
or a political subdivision thereof.
mentality status. Two defendants were
The PIF was established by Royal De-
commercial banks majority-owned by the
cree with the sole function of "financing
Korean Deposit Insurance Corporation
... investments in productive projects of
("KDIC"), a "governmental institution"
a commercial nature whether they belong
run by the Korean Ministry of Finance
to the Government or the industrial lend-
and the Economy of the Republic of Ko-
ing institutions connected to it or to its
rea. Filler, 378 F.3d at 215-16. In deter-
public corporations and whether these
mining if KDIC was an organ of Korea,
projects are undertaken independently or
the court considered several factors:
HOUSE_OVERSIGHT_017855
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