ARGENTEM CREEK PARTNERS ISSUE STATEMENT ON RE-ELECTION OF PRESIDENT TOKAYEV
Argentem Creek Partners CEO Dan Chapman issued the following statement on the Republic of Kazakhstan’s recent presidential election:
“I congratulate President Kassym-Jomart Tokayev on his successful re-election. President Tokayev has promised an ambitious reform program to bring about a ‘New Kazakhstan.’ As a U.S. investor with a keen interest in seeing Kazakhstan succeed, I welcome this vision and await its full implementation. A break with the kleptocratic ways of the old guard and the damage they caused to the country for their own personal benefit is a fundamental step in overcoming the concerns of foreign investors and making Kazakhstan an attractive investment destination.”
In December 2013, a Swedish arbitral tribunal awarded the owners of Tristan Oil approximately $500m in compensation for a harassment campaign and illegal expropriation of assets by Kazakhstan’s authorities in 2010. The Award has since been recognized in multiple jurisdictions, including the U.S., Sweden, Luxembourg, Italy and France. A group of bondholders, including Argentem Creek, is due to receive 70% of the Award proceeds under a sharing agreement with the claimants.