Kazakhstan
A Canadian mining exec’s decades-long tussle with Kazakhstan is finally over. He was awarded nearly $53 million.
The award granted WWM over US$ 40 million in damages, in addition to a substantial portion of its legal costs incurred in the proceeding.
The audit company claims its reports used in the lawsuits launched by companies controlled by Moldovan businessman Anatol Stati were based on “ knowingly false representations by Stati to KPMG”
Frozen assets securing a $532 million award against Republic of Kazakhstan.
At the plenary session of the Senate of Kazakhstan, the deputies adopted a law on ratification of a temporary agreement on the formation of a free trade zone between the countries of the Eurasian Economic Union (EAEU) and Iran
Kazakhstan aims to become one of the top 30 developed economies by 2050, it is imperative for the nation to continue to appear as an attractive trade partner and a destination for extra-regional investors.
The Belt and Road Initiative provides a framework for Chinese investment to enhance existing infrastructure as well as build new production sites and trade routes to better connect China with the rest of the world.
ASEAN is considering the possibility to start negotiations with the Eurasian Economic Union (EAEU) on creation of a free trade agreement
The economic and trade cooperation between Vietnam and the EAEU has achieved important results after two years since the signing of the Free Trade Agreement between Vietnam and the Eurasian Economic Union (Vietnam-EAEU FTA), contributing to creating a motivation for the economic development of each country and expanding cooperation in the region.
A Belgian court has lifted a freeze on about $21.5 billion (16.2 billion pounds) in Kazakhstan’s National fund assets imposed after a dispute with a Moldovan businessman, the Kazakh justice ministry said.
The amount of the frozen assets, when compared to the US$520 million court award, is pretty hefty, unprecedented.
The Stati Parties have requested to enforce the award issued in their favor including by attaching Kazakh state commercial assets in the United States.
US court issued its ruling in favor of the plaintiffs in Stati et al. v. Rep. of Kazakhstan, a long-running litigation concerning the Stati Parties’ efforts to enforce a $520 million arbitral award under the Energy Charter Treaty.
The case is one of several brought to courts in Europe by Moldovan businessman Anatolie Stati who is attempting to force the Kazakh government to pay up in a dispute about his energy investments in the oil-rich country.
Frozen assets secure a US$520 million award against Republic of Kazakhstan.
Stockholm District Court issued a judgment clearing the way for the Stati parties to collect the US$520 million arbitration award against the Republic of Kazakhstan.
The assets held by the fund’s custodian were frozen last October after a lawsuit by Moldovan businessman Anatolie Stati who seeks to enforce a $500 million arbitration ruling against the Astana government.
Kazakhstan and the United States cooperate within the framework of the Central Asia Trade and Investment Facilitation Agreement, which promotes increased trade within the region.
Moldovan businessman Anatolie Stati will ask bailiffs to sell a $5.2 billion stake in the Kashagan oil field owned by a Kazakh sovereign wealth fund if Astana refuses to pay a $500 million arbitration award.
The Dutch court held that Kazakhstan is and will remain the sole shareholder of Samruk and that Samruk’s board is controlled by Kazakhstan.
