Library

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

The Swedish Supreme Court Upholds the Award

The Swedish Supreme Court upholds the award for the first time and rejects Kazakhstan’s extraordinary review application against the Svea Court of Appeal judgment from December 9, 2016.

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Swedish Court Grants Attachment of Kazakh State Assets in Sweden

Date: August 21, 2017
Jurisdiction: Sweden
Status: Closed
In favour of: Tristan Oil

The Stockholm District Court allows the Stati Parties to attach any Kazakh state assets on Swedish soil as an enforcement measure under the Award.

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Pre-Judgment Attachments Levied on Kazakhstan’s Property in Luxembourg

Date: August 16, 2017
Jurisdiction: Luxembourg
Status: Pending
In favour of: Tristan Oil

The bailiff in Luxemburg places a freeze on Kazakhstan’s 40% stake in Eurasian Resources Group, formerly publicly listed company ENRC, which was taken private in 2013 valued at £3.1 billion. In addition, dividends owed to Kazakhstan by ERG in the sum of US$ 48 million are frozen as a result of this attachment.

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The Award is Upheld by a Swedish Appellate Court

Date: December 9, 2016
Jurisdiction: Sweden
Status: Closed
In favour of: Tristan Oil

The Svea Court of Appeal in Sweden upholds the award in full by dismissing all of the challenges (including based on the fraud allegations) brought by Kazakhstan against the award and refuses the right to appeal its judgment to the Swedish Supreme Court.

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The Stati Parties Secure an Arbitral Award Requiring Kazakhstan to Pay Compensation of More Than US$ 500 million

Date: December 19, 2013
Jurisdiction: Sweden
Status: Closed
In favour of: Tristan Oil

The Tribunal holds that Kazakhstan has violated its obligations under the ECT and awards the Stati Parties damages of approximately US$ 500 million, plus costs and interest.

In its 414-page reasoned award the Tribunal holds that:

“[Kazakhstan’s] measures, seen cumulatively in context to each other and compared with the treatment of the Claimants’ investments before the Order of the President of the Republic [Nursultan Nazabayev] on 14/16 October 2008, constituted a string of measures of coordinated harassment by various institutions of [Kazakhstan]. These measures must be considered as a breach of the obligation to treat investors fairly and equitably, as required by Art 10(1) ECT”.

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