...

Court of Brussels withdraws arrest from assets of Kazakh National Fund

Business Materials 30 May 2018 12:14 (UTC +04:00)

Baku, Azerbaijan, May 30

By Ali Mustafayev - Trend:

The Brussels Court of First Instance lifted a preliminary arrest from the assets of the National Fund of Kazakhstan worth $21.5 billion, the press service of the Ministry of Justice of Kazakhstan said in a message.

The National Fund of Kazakhstan was also informed about the possibility of lifting the arrest of the remaining funds in the amount of $530 million in UK courts.

Moldovan businessmen Anatol and Gabriel Stati launched lawsuits against Kazakhstan in 2010. Stati demanded $4 billion from Kazakhstan through arbitration in Sweden.

"This is another unsuccessful attempt of two Moldovan businessmen Anatol and Gabriel Stati, who started legal proceedings against Kazakhstan in 2010. Although the Swedish court did not essentially consider the fact of fraud, the High Court of UK examined the evidence, concluding in June 2017 that there was sufficient initial evidence that the arbitration award in Sweden was obtained by fraud and, therefore, appointed a hearing on the substance of the fraud in October 2018," the press service said.

The London court ruled that the trial should continue in October 2018 and awarded considerable legal costs to Kazakhstan.

---

Follow the author on Twitter: @Ali_Mustafayev

Tags:
Latest

Latest