Library

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

U.S. Appellate Court Confirms Dismissal of the RICO Claim

The U.S. Court of Appeals for the District of Columbia Circuit confirms the lower district court ruling from March 30, 2019 which dismissed Kazakhstan’s RICO claim against the Stati Parties.

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

Date: February 9, 2021
Jurisdiction: U.S.
Status: Pending

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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Luxembourg Court Stays Local Attachment Proceedings

Date: January 8, 2021
Jurisdiction: Luxembourg
Status: Pending

The Luxembourg District Court stays proceedings on the validity of the attachments of various Kazakh state assets obtained by the Stati Parties pending the outcome of the criminal proceedings initiated by Kazakhstan in Luxembourg. The attachments in question are estimated to be worth US$550 million and include Kazakhstan’s 40% shareholding in Eurasian Resources Group (ERG) and frozen dividends owed by ERG to Kazakhstan among further receivables. In the meantime, the attachments continue to remain fully in place as a security measure under the award.

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The Dutch Supreme Court Refers Kashagan Field Asset Freeze to Lower Court for Re-Examination

Date: December 18, 2020
Jurisdiction: Netherlands
Status: Pending

The Supreme Court of the Netherlands sets aside the Amsterdam Court of Appeal’s decision on the attachment of Kazakhstan’s stake in the international consortium developing the Kashagan oil field, held via Kazakhstan’s sovereign wealth fund Samruk-Kazyna, and refers the case back to a lower court (the Hague Court of Appeal) for further consideration. Meanwhile, the Kashagan shares attachment, valued at $5.2 billion, remains fully in place.

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U.S. Federal Court Rebukes Kazakhstan for Non-Compliance with Court Orders

Date: August 10, 2020
Jurisdiction: U.S.
Status: Pending
In favour of: Tristan Oil

The federal district court in Washington, D.C. compels Kazakhstan once again to provide discovery of its assets on a worldwide basis – including assets of various Kazakh state instrumentalities such as NBK and Samruk-Kazyna.

The Judge also rebukes Kazakhstan and its legal counsel for the breaches of the previous U.S. court orders regarding discovery:

“Don’t get me wrong, the Republic of Kazakhstan had every right to litigate the petition to confirm the arbitral award, and they had every right to appeal my decision. But those proceedings are over. These are post-judgment proceedings. And the Republic of Kazakhstan and its counsel needs to get that into their heads because the level of intransigence that we’ve seen to date is not acceptable and it officially ends today.”

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Dutch Appellate Court Grants Recognition of the Award

Date: July 14, 2020
Jurisdiction: Netherlands
Status: Closed

The Amsterdam Court of Appeals grants recognition with respect to the award, dismissing all of Kazakhstan’s challenges to the award (including based on the fraud allegations).

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