The case is one of several brought to courts in Europe by Moldovan businessman Anatolie Stati who is attempting to force the Kazakh government to pay up in a dispute about his energy investments in the oil-rich country.
Frozen assets secure a US$520 million award against Republic of Kazakhstan.
The EC claimed intra-EU investment treaty arbitration is in breach of EU law. If the CJEU were to confirm the decision of the EC, the application of the ICSID Convention within the EU would be seriously endangered.
Moldovan businessman Anatolie Stati will ask bailiffs to sell a $5.2 billion stake in the Kashagan oil field owned by a Kazakh sovereign wealth fund if Astana refuses to pay a $500 million arbitration award.
The Dutch court held that Kazakhstan is and will remain the sole shareholder of Samruk and that Samruk’s board is controlled by Kazakhstan.
The recent Eiser v. Spain ICSID award is yet another example of a state being condemned to pay a large monetary sum merely because an investor has been economically disadvantaged by a reasonable and necessary regulatory change.
The legal row between Stati, his son Gabriel, two family-controlled companies and the Republic of Kazakhstan has dragged on for years in various courts.
An ICSID tribunal has ordered Kazakhstan to pay nearly US$25 million for the seizure of investments at the port of Aktau on the Caspian Sea.
Much of the problem can be traced to bilateral investment treaties and investment rules embedded within broader trade pacts.
Court proceedings over seizure of Russian property in Belgium, initiated by former shareholders of Yukos oil corporation, have been cancelled.
The High Court has dismissed an application by Ukraine to set aside the Uncitral arbitration award in favour of JKX Oil & Gas.
Switzerland’s top court has rejected Croatia’s request to annul an arbitral award by the United Nations Commission on International Trade Law (UNCITRAL) in the INA-MOL case, the government said.
A group of major shareholders in dismantled Russian oil giant Yukos announced they were giving up their efforts to seize lucrative state assets as compensation in France following a series of legal setbacks.
Will the EC be successful at shutting off the flow of intra-EU ECT claims, or will the boom continue?
The Government has created a committee of public employees to conduct defence of Spain against avalanche international lawsuits brought by large investment firms.
Is there inconsistency among the tribunals in the solar energy cases?
The Government of Spain has submitted to international arbitration tribunal ICSID appeal against the ruling which condemned him to pay 128 million euros plus interest to the British firm Eiser Infrastructure.
One should be cautious with jumping to conclusions for the still pending Spanish ECT cases.
Yukos, once Russia’s largest oil major, was accused of tax crimes and declared a bankrupt by a Russian court ruling in 2006 while its assets were sold at auctions during the liquidation procedure.
The Energy Charter Secretariat is in expansion mode, wanting to gain access to energy resources in Africa and Asia for its current—mostly developed country—members, and extending a far-reaching (and outdated) investment protection system to investments in resource-rich countries.