50
121. The State may discharge its pecuniary obligations by tendering United States
Dollars or an equivalent amount in the currency of the State, at the New York, USA
exchange rate between both currencies on the day prior to the day payment is
made.
122. If the beneficiaries of compensations are not able to receive the payments
within the term of a year from the date the notice of judgment is served on them,
due to causes attributable to them, the State shall deposit said amounts in an
account in the beneficiary’s name or draw a certificate of deposit from a reputable
Colombian bank, in United States dollars, under the most favorable financial terms
the law in force and customary banking practice allow. If after ten years
compensations were still unclaimed, the amount plus accrued interests shall be
returned to the State.
123. If the beneficiaries of the compensation ordered are minors, the State shall
apply the amount to a bank investment in their name, in United States dollars or in
local currency, at the discretion of the minor’s legal representative, at a reputable
Colombian banking institution. The investment shall be made within one year, under
the most favorable financial terms the law in force and customary banking practice
allow, until they come of age. Beneficiaries may withdraw the moneys once they
come of age or upon order of the competent authority in the best interest of the
minor. If, after ten years from the day the minor comes of age, the compensation is
still unclaimed, the amount plus accrued interest shall be returned to the State.
124. Payments ordered in this Judgment as compensation for pecuniary and non
pecuniary damages and for costs and expenses shall not be affected, reduced or
conditioned by tax reasons, be they present or future. Beneficiaries shall therefore
receive the total amount as per the provisions herein.
125. Should the State fall into arrears with its payments, Colombian banking
default interest rates shall be paid on the amount owed.
126. In accordance with its constant practice, the Court retains the authority
emanating from its jurisdiction, to monitor full compliance with this Judgment. The
instant case shall be closed once the State implements in full the provisions herein.
Colombia shall, within a year, submit to the Court a report on the measures adopted
in compliance therewith.
XII
OPERATIVE PARAGRAPHS
127.
Therefore,
THE COURT,
DECIDES,
Unanimously,
1.
To ratify its Order dated 10 March 2005
acknowledgement of international liability was admitted.
whereby
the
State’s
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