Fred Davis
Sovereign Owned Enterprises, or “SOEs,” are commercially active businesses that are owned by foreign governments. A UN agency estimates that they account for about ten percent of global economic activity. As they become increasingly active in international business in competition with privately owned or publicly traded companies, they risk prosecution if their activities violate criminal laws. On January 17, 2023, the Supreme Court heard oral argument on a case that presented a radical possibility: that SOEs are immune from any prosecution in the United States. The case is complex, and the issues pending before the Court consequential. No clear outcome emerged from the briefing and argument, and the most likely alternative dispositions could lead to untoward results.