The term ‘immunity’ in article 10 is to be understood in the context of the present Convention as a whole. Article 10, paragraph 3, does not prejudge the question of ‘piercing the corporate veil’, questions relating to a situation where a State entity has deliberately misrepresented its financial position or subsequently reduced its assets to avoid satisfying a claim, or other related issues. Pursuant to Article 10 of the Convention, a State cannot invoke immunity from foreign proceedings ‘arising out of [a] commercial transaction’. Article 10 must be read in...
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