Library

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

Magistrate Judge finds that US asset manager for Kazakhstan’s National Fund should be compelled to produce documents detailing Kazakh holdings

Magistrate Bowler of the United States District Court in Boston has affirmed her Report and Recommendation which finds that State Street Corporation, asset manager for one of Kazakhstan’s sovereign wealth funds, should be compelled to produce certain documents, emails, details of SWIFT payments and other financial records relating to the management and custodianship of Kazakhstan National Fund assets.

The Magistrate’s Report and Recommendation was originally issued in November 2020, but State Street did not immediately comply and instead sought clarification and reconsideration.

 

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Brussels Court of Appeal rejects Kazakhstan’s challenge to $530 million attachment order

Date: June 29, 2021
Jurisdiction: Belgium
Status: Closed

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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Amsterdam District Court denies National Bank of Kazakhstan claim for damages

Date: June 23, 2021
Jurisdiction: Netherlands
Status: Closed

The Amsterdam District Court denied a $118 million damages claim brought by the National Bank of Kazakhstan (NBK) against the Stati Parties.

NBK claimed it had suffered severe losses after rulings in a Dutch court and a Belgian court in 2017 led to the attachment of sovereign assets held by BNY Mellon worth $22.6 billion.

The court dismissed the claim in its entirety, arguing that “in this case there is no question of an unlawful attachment leading to risk liability,” and that “it cannot be held that the Stati parties abused their powers”. It also ordered NBK to cover the Statis’ legal costs.

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New York District Court motion to dismiss “improper collateral attack” on binding award and compel Outrider into arbitration

Date: May 28, 2021
Jurisdiction: U.S.
Status: Open

Lawyers acting for Argentem Creek Partners filed a motion in the United States District Court for the Southern District of New York seeking to dismiss Kazakhstan’s suit, as well as a separate motion to compel Outrider to submit its claims to arbitration.

Kazakhstan’s claims are identical to issues raised in previous proceedings, the motion to dismiss argues, noting that these were already litigated and decided in other courts. The motion to compel arbitration is based on the grounds that the Sharing Agreement signed between Tristan’s noteholders in 2012 mandates the use of arbitration to resolve differences rather than filing of complaints in the American courts and that all noteholders agree to arbitrate when they purchase notes. Outrider, who decided to join Kazakhstan earlier this year in backing the fictional fraud claims, is a signatory to the Sharing Agreement.

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New York Supreme Court request to dismiss Kazakhstan’s civil xomplaint

Date: April 26, 2021
Jurisdiction: U.S.
Status: Pending

In a letter, lawyers acting  for Argentem Creek Partners request dismissal of Kazakhstan’s civil complaint filed in the Supreme Court of the State of New York against the firm and its CEO. They argue that the case is part of Kazakhstan’s continuing attempts to re-litigate the SCC award despite the rejection of its fraud allegations by courts around the world, including the U.S. District Court for the District of Columbia.

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Argentem Creek Partners Files a Notice to Transfer Kazakhstan’s Complaint

Date: April 20, 2021
Jurisdiction: U.S.
Status: Pending

Argentem Creek Partners file a notice to transfer Kazakhstan’s complaint against the firm and its CEO to the Southern District Court of New York on the grounds that a U.S. federal court is better suited to provide judgment.

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