An archive of the key court rulings in the Tristangate dispute.
THE SWEDISH SUPREME COURT REINFORCES DECISION FOR CLAIMANTS OF TRISTAN AWARD TO COLLECT $75 MILLION HELD BY KAZAKHSTAN IN SWEDEN.
The Swedish Supreme Court (Högsta Domstolen) dismissed Kazakhstan’s claim to appeal the January 2023 decision of the Svea Court of Appeal that confirmed that claimants of the Tristan Award can collect $75 million held by Kazakhstan in Sweden.
In January 2023, the Svea Court ruled that approximately $75 million of cash held at the Swedish Enforcement Authority on behalf of the National Bank of Kazakhstan belongs to Kazakhstan and may be collected by the owners of Tristan Oil.
Kazakhstan had sought to appeal the decision, arguing that the attached assets did not belong to the Republic of Kazakhstan and were located in England not Sweden. The Supreme Court examined the material and found no reason to grant leave to appeal to Kazakhstan. The Court of Appeal’s decision therefore stands: the claimants of the Tristan Award can collect $75 million held by Kazakhstan in Sweden as part of the enforcement of the 2013 arbitral award.
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Lawyers for Argentem Creek Partners and its CEO Daniel Chapman filed a motion to dismiss the claims brought by Kazakhstan in its Third Amended Complaint in the Supreme Court of New York. The motion argues that New York law provides the Court with multiple, independent grounds to dismiss Kazakhstan’s frivolous lawsuit with prejudice.
A federal judge in New York on February 10 granted the Argentem parties motion to compel arbitration against plaintiff Outrider thereby dismissing them from Kazakhstan’s vexatious litigation against U.S. investors. The Court also granted the motion by Kazakhstan to remand the case to New York State Court where Argentem’s motion to dismiss Kazakhstan’s claims will be decided.
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.