Library

An archive of the key court rulings in the Tristangate dispute.

English Court Rejects National Bank of Kazakhstan’s (NBK) Debt Claim Against BNY Mellon

The High Court of Justice in London rejects NBK’s US$ 530 million debt claim against BNY Mellon for the latter’s refusal to release the National Fund assets frozen as a result of the parallel Belgian enforcement proceedings, by agreeing with the Stati Parties that the decision with regards to BNY Mellon is to be determined by the Belgian courts in due course.

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The Swedish Supreme Court Upholds the Award

Date: October 24, 2017
Jurisdiction: Sweden
Status: Closed
In favour of: Tristan Oil

The Swedish Supreme Court upholds the award for the first time and rejects Kazakhstan’s extraordinary review application against the Svea Court of Appeal judgment from December 9, 2016.

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Brussels Court Sanctions an Attachment Order Targeting National Fund Assets Held by BNY Mellon

Date: October 11, 2017
Jurisdiction: Belgium
Status: Pending
In favour of: Tristan Oil

The Brussels Court of First Instance makes an attachment order as sought by Stati Parties. The said order was served on BNY Mellon as global custodian of Kazakhstan’s National Fund assets leading to BNY Mellon freezing US$ 22.6 billion in assets of the National Fund (comprising about 40% of the Fund’s entire portfolio).

This attachment is believed to be the largest in legal history.

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Dutch Court Grants a US$ 5.2 billion Attachment of Kazakhstan’s Stake in the Kashagan Oil Field

Date: September 8, 2017
Jurisdiction: Netherlands
Status: Pending
In favour of: Tristan Oil

The Amsterdam District Court grants a US$ 5.2 billion asset attachment of Kazakhstan’s stake in the Kashagan oil field, held via the sovereign wealth fund JSC Samruk-Kazyna’s (Samruk-Kazyna) 50% shareholding in the Dutch entity KMG Kashagan B.V., as an enforcement measure under the award.

The Kashagan oil field is one of the largest offshore oilfields in the Caspian Sea. The international consortium that has developed the field includes Eni, Royal Dutch Shell, Total, ExxonMobil, China National Petroleum Corporation, and Inpex.

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Swedish Court Grants Attachment of Kazakh State Assets in Sweden

Date: August 21, 2017
Jurisdiction: Sweden
Status: Closed
In favour of: Tristan Oil

The Stockholm District Court allows the Stati Parties to attach any Kazakh state assets on Swedish soil as an enforcement measure under the Award.

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Pre-Judgment Attachments Levied on Kazakhstan’s Property in Luxembourg

Date: August 16, 2017
Jurisdiction: Luxembourg
Status: Pending
In favour of: Tristan Oil

The bailiff in Luxemburg places a freeze on Kazakhstan’s 40% stake in Eurasian Resources Group, formerly publicly listed company ENRC, which was taken private in 2013 valued at £3.1 billion. In addition, dividends owed to Kazakhstan by ERG in the sum of US$ 48 million are frozen as a result of this attachment.

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