The claimant sought recognition and enforcement of a French award rendered in BIT arbitration in respect of a dispute over the purchase of land by the claimant in Senegal, with the purpose of building and renting out apartments. The Court of Appeal granted the application, holding that, although Senegal had confiscated the apartments when the claimant was convicted in Senegal for complicity in illicit enrichment, the dispute was commercial for the purposes of the “commercial” reservation to the New York Convention, as it concerned an investment aimed at the commercial activity of renting apartments, and the matter was arbitrable, as the arbitrators had not dealt with the charge of illicit enrichment against the claimant, but only with Senegal’s conduct through its courts, which they found to have been in violation of the BIT. Finally, exequatur should not be refused on public policy grounds, because acts of illicit enrichment or complicity in illicit enrichment are not considered a public policy violation by the Monegasque courts.