STATI PARTIES APPEAL DUTCH COURT DECISION CANCELLING ATTACHMENT OF SAMRUK-KAZYNA JSC’S SHARES IN KMG KASHAGAN BV
The Stati parties today filed an appeal against a June 14 decision by the Hague Court of Appeal that cancelled the attachment of shares worth around $5.2 billion held by Kazakhstan’s sovereign wealth fund JSC Samruk-Kazyna in KMG Kashagan BV.
In its June decision, the Dutch court reversed its previous finding that the shares were not immune from attachment on the basis that they did not have an immediate public purpose.
Dan Chapman, CEO of Argentem Creek Partners, stated:
“The June ruling by the Hague Court of Appeal was based on a narrow point of law, and we welcome the Statis’ decision to appeal this judgement. The facts of the case have not changed, and the Tristangate award remains final, binding and non-appealable. It is time for Kazakhstan to honor its international treaty obligations and restore investor confidence.”
Kazakhstan has refused to pay approximately $500 million plus costs and interest awarded to Tristan Oil’s owners in December 2013 by a Swedish arbitral tribunal in compensation for the harassment campaign and illegal expropriation of assets by Kazakhstan’s authorities.
The Award has since been recognized in multiple jurisdictions, including the U.S., Sweden, Luxembourg, Italy and France. A group of bondholders, including Argentem Creek, is due to receive 70% of the award proceeds under a sharing agreement with the claimants.
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