An archive of the key court rulings in the Tristangate dispute.
Swedish Supreme Court upholds $90 million freeze on Kazakhstan National Fund’s assets in Sweden
The Swedish Supreme Court upheld a $90 million freeze on Kazakhstan National Fund’s assets in Sweden. The court ruled that the seized assets representing part of Kazakh National Fund are not protected by sovereign immunity as a matter of international and Swedish law. The Swedish Supreme Court remanded the case to the Svea Court of Appeal for further consideration with respect to other outstanding questions.
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The Rome Court of Appeal recognizes the award in Italy, dismissing all of Kazakhstan’s challenges to the award (including based on the fraud allegations).
The Court of Appeal in England allows the Stati Parties’ to discontinue all English court proceedings, after the High Court had initially granted Kazakhstan’s application for a trial based on the original fraud allegations made by Kazakhstan.
The Brussels Court of First Instance rejects Kazakhstan’s and NBK’s appeals against the original attachment order with respect to the National Fund assets held by BNY Mellon granted on October 11, 2017. With the Stati Parties’ consent, the Court reduces the attachment value from US$ 22.6 billion to US$ 530 million given the then size of the award.
The federal district court in Washington, D.C. rules that the award is valid and enforceable as a binding U.S. judgment following an application by the Stati Parties to confirm the Award on U.S. soil. In doing so, the U.S. court rejects the fraud allegations brought forward by Kazakhstan.
The Stockholm District Court upholds its previous decision from August 21, 2017 allowing the Swedish bailiff to levy attachments on Kazakh state property on Swedish soil by dismissing Kazakhstan’s challenges to the original ruling.