A Belgian court has lifted a freeze on about $21.5 billion (16.2 billion pounds) in Kazakhstan’s National fund assets imposed after a dispute with a Moldovan businessman, the Kazakh justice ministry said.
The amount of the frozen assets, when compared to the US$520 million court award, is pretty hefty, unprecedented.
The Stati Parties have requested to enforce the award issued in their favor including by attaching Kazakh state commercial assets in the United States.
A recent decision under the Energy Charter Treaty by France’s highest court appears to signal a return to a literal interpretation by the French courts of international treaties.
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.
Stockholm District Court issued a judgment clearing the way for the Stati parties to collect the US$520 million arbitration award against the Republic of Kazakhstan.
The assets held by the fund’s custodian were frozen last October after a lawsuit by Moldovan businessman Anatolie Stati who seeks to enforce a $500 million arbitration ruling against the Astana government.
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.
China and Moldova have formally agreed to begin talks on the establishment of a free-trade deal.
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.
The Republic of Moldova has won the case in the international process initiated by the Russian companies Evrobalt and Kompozit in May and June of 2016, after the NBM suspended their rights and forced them to sell their shares at Moldova Agroindbank.
The dispute is based on the Energy Charter Treaty (ECT) and was initiated by Moldovan businessman Anatole Stati, his son Gabriel Stati and two companies owned by them.
The Svea Court of Appeal rejected the Republic of Kazakhstan’s request to declare invalid or set aside the arbitral award in Stati v Kazakhstan. The judgment cannot be appealed.
Moldova’s president said he hoped the ex-Soviet nation’s association agreement with the European Union would be cancelled, paving the way for an alliance with Moscow.
Turkey now boasts free trade pacts with 19 countries and blocs, with more coming in the pipeline.
Prime Minister Pavel Filip said that the parliament of Moldova considered in 2015 only one-third of projects stipulated by the plan for the implementation of the EU-Moldova Association Agreement.
European Union lawmakers have approved the EU’s trade deal with Moldova
Moldova could be expelled from the regional Commonwealth of Independent States’ free trade zone after it signed the association agreement with the European Union, a Russian official said on Monday.
On Friday, the European Union will sign Association Agreements with Georgia and Moldova and complete the signature process with Ukraine, each providing for a Deep and Comprehensive Free Trade Area.