US Appeals Court rules in favor of Iran's Alavi Foundation
Independent Persian News Search Engine, Kodoom.com: The 2nd US Circuit Court of Appeals in New York City has reversed a lower court’s ruling that had ordered forfeiture of Iranian assets in the US, including the $1 Billion worth 650 Fifth Avenue, a New York City skyscraper that houses the headquarters of the Alavi Foundation. The families of some victims of terrorist attack and the U.S. government had sued the Alavi Foundation and Assa Corp., the building's partial owners.
The assets of the Alavi Foundation included the 650 Fifth Avenue building in Manhattan, as well as Islamic centers consisting of schools and mosques in New York City, Maryland, California, Texas and Virginia. The assets were to be sold by the U.S. Marshals Service, with proceeds distributed among 19 holders of over $5 billion in terrorism-related judgments against the government of Iran.
The 2nd Circuit determined the buildings do not qualify as being owned by Iran under the Foreign Sovereign Immunities Act: "Given the lack of evidence demonstrating Iran's day-to-day control of Alavi, we conclude, as a matter of law, that defendants cannot be deemed Iran's alter egos."
The Fifth Avenue building was built in the 1970s on property acquired by Pahlavi Foundation, a not-for-profit corporation formed in New York by then Iranian leader Shah Mohammad Reza Pahlavi, who was overthrown in 1979. After the Islamic revolution The Alavi Foundation, the successor to The Pahlavi Foundation, used US-based assets to advance the Islamic and Persian culture in the US.
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