Enemy of the State: Foreign Sovereign Immunity and Criminal Prosecutions after ‘Halkbank’
Now that the Halkbank and In re Grand Jury Subpoena decisions have made clear that foreign sovereign immunity does not prevent DOJ from enforcing grand jury subpoenas through criminal contempt charges, state-owned corporations must understand these risks and incorporate them as the costs of doing business in the United States.
December 19, 2024 at 10:04 AM
10 minute read
From sovereign wealth funds to state-owned real estate developers and every permutation in between, foreign state-owned commercial enterprises are increasingly part of the global market. It has long been the case that such entities enjoyed immunity under the Foreign Sovereign Immunity Act (FSIA) from civil suits, but the issue of whether state-owned commercial enterprises are immune from criminal prosecution has been fuzzier.
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