It's time for Kazakhstan to turn its back on the old guard and pay what it owes

TRISTANGATE AT UNITED NATIONS GENERAL ASSEMBLY

September 22, 2022

THOUSANDS VIEW NEW TRISTANGATE VIDEO AT UNGA

To coincide with Kazakhstan’s high-level participation in the 2022 United Nations General Assembly, the Tristangate campaign has launched a new video calling on the government to resolve the long-standing investment dispute.

Data provided by YouTube showed thousands of views for the video across New York as President Tokayev addressed the Assembly accompanied by a large delegation.

The investment dispute goes back more than a decade. In December 2013, a Swedish arbitral tribunal awarded the owners of Tristan Oil approximately $500 million in compensation for a harassment campaign and illegal expropriation of assets by Kazakhstan’s authorities in 2010. 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, yet Kazakhstan has refused to pay and instead adopted a multijurisdictional strategy to avoid compliance.

Argentem’s CEO Dan Chapman said:

“Tristangate is Kazakhstan’s largest outstanding investment dispute. As President Tokayev looks to root out the corruption of the old guard and promote a new Kazakhstan to international audiences, the issue of Tristangate cannot be ignored.  We applaud the President’s pursuit of the old guard and his commitment to root out its corruption. Bringing Tristangate to a rational conclusion will show foreign investors that Kazakhstan is genuinely committed to improving the business environment.”

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