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An archive of the key court rulings in the Tristangate dispute.
Brussels Court of Appeal rejects Kazakhstan’s challenge to $530 million attachment order
The Brussels Court of Appeal has rejected Kazakhstan’s challenge to a $530 million attachment of assets held via its National Fund with BNY Mellon in Brussels.
The asset attachment, originally at a value of $22.6 billion, is an enforcement measure against Kazakhstan’s continued failure to pay more than $500 million awarded to the Stati Parties by a Swedish arbitral tribunal in 2013. The Stati Parties later agreed to limit the attachment to $530 million, reflecting the approximate value of the Energy Charter Award at the time. The attachment value has since grown with interest to over $540 million.
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Kazakhstan files a civil complaint in New York against Argentem Creek Partners and its CEO, alleging that they had been involved in a criminal conspiracy together with the Stati Parties.
The Swedish Supreme Court upholds the award for the second time, dismissing Kazakhstan’s application to overturn the December 9, 2016 ruling of the Svea Court of Appeal filed on the basis of alleged new evidence. The award is therefore once again confirmed to be final, binding and non-appealable for all intents and purposes.
The High Court of Justice in London rejects NBK’s US$ 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.
The U.S. Court of Appeals for the District of Columbia Circuit confirms the lower district court ruling from March 30, 2019 which dismissed Kazakhstan’s RICO claim against the Stati Parties.
The Svea Court of Appeal in Sweden dismisses Kazakhstan’s second challenge of the award filed on the basis of alleged new evidence. The award is therefore again confirmed to be final, binding and non-appealable for all intents and purposes.