An archive of the key court rulings in the Tristangate dispute.
Amsterdam District Court denies National Bank of Kazakhstan claim for damages
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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The Supreme Court of Italy rejected an appeal brought by the Republic of Kazakhstan against recognition of the $544 million “Tristangate” Award on the grounds that it was procured by ‘fraud’. The Supreme Court of Italy upheld the earlier judgment of the Rome Court of Appeal handed down in February 2019.
The Swedish Supreme Court upheld a $90 million freeze on Kazakhstan National Fund’s assets in Sweden. The court ruled that the seized assets representing part of Kazakh National Fund are not protected by sovereign immunity as a matter of international and Swedish law. The Swedish Supreme Court remanded the case to the Svea Court of Appeal for further consideration with respect to other outstanding questions.
The Brussels Court of Appeal issued a decision upholding the challenge brought by Kazakhstan against the enforcement of the $545 million Energy Charter Treaty Award in Belgium. The ruling is limited to the Belgian jurisdiction only and did not affect the validity of the award in Sweden.
The Stati Parties petitioned the Washington D.C. federal district court for an emergency attachment of the former residence of the Republic of Kazakhstan’s ambassador in the District of Columbia, arguing that it is now used for commercial rather than diplomatic purposes.
The relief sought is in response to Kazakhstan’s continued refusal to honour the fully adjudicated US$556 Million Tristangate Award that was issued by a Swedish arbitration tribunal in 2013.
The property is presently rented out to a translation school and a remodelling company on a commercial basis, according to a filing by the Stati parties, and therefore no longer protected by sovereign immunity.
The motion asks for an order that the property cannot be sold for the next 180 days and, if the property were to be sold that the proceeds are paid into a designated court escrow account.
Lawyers for Argentem Creek Partners have re-filed a motion to dismiss, following Republic of Kazakhstan’s decision to amend their original complaint last month.