PHI – New Year resolution?
6th January 2025
In November ‘24 I posted about the impasse surrounding the 59M Royal Huisman yacht PHI. She is currently impounded in Tower Bridge as legal arguments rage over the true ultimate economic beneficial owner of the corporate holding structure – with potential Sanctions breaking implications.
The UK Supreme Court is due to hold the appeal hearing, starting on 16 January 2025.
Its hope that clarity will finally be given to the position, given the yacht remains uninsured, her Class has lapsed and she remains festooned with scaffolding!
The case will be an interesting legal argument and potentially cast a shadow over the UK’s implementation of its own Sanctions Legislation. Grant Schapps’ (UK Transport Secretary at the time) comments that this was ”…a clear warning to Putin and his cronies” may come back to haunt him.
Watch this space!
