Library
An archive of the key court rulings in the Tristangate dispute.
Washington D.C. District Court petition for Kazakhstan’s former Embassy property
The Stati Parties petitioned the Washington D.C. federal district court for an emergency attachment of the former residence of the Republic of Kazakhstan’s ambassador in the District of Columbia, arguing that it is now used for commercial rather than diplomatic purposes.
The relief sought is in response to Kazakhstan’s continued refusal to honour the fully adjudicated US$556 Million Tristangate Award that was issued by a Swedish arbitration tribunal in 2013.
The property is presently rented out to a translation school and a remodelling company on a commercial basis, according to a filing by the Stati parties, and therefore no longer protected by sovereign immunity.
The motion asks for an order that the property cannot be sold for the next 180 days and, if the property were to be sold that the proceeds are paid into a designated court escrow account.
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The Amsterdam District Court grants a US$ 5.2 billion asset attachment of Kazakhstan’s stake in the Kashagan oil field, held via the sovereign wealth fund JSC Samruk-Kazyna’s (Samruk-Kazyna) 50% shareholding in the Dutch entity KMG Kashagan B.V., as an enforcement measure under the award.
The Kashagan oil field is one of the largest offshore oilfields in the Caspian Sea. The international consortium that has developed the field includes Eni, Royal Dutch Shell, Total, ExxonMobil, China National Petroleum Corporation, and Inpex.
The Stockholm District Court allows the Stati Parties to attach any Kazakh state assets on Swedish soil as an enforcement measure under the Award.
The bailiff in Luxemburg places a freeze on Kazakhstan’s 40% stake in Eurasian Resources Group, formerly publicly listed company ENRC, which was taken private in 2013 valued at £3.1 billion. In addition, dividends owed to Kazakhstan by ERG in the sum of US$ 48 million are frozen as a result of this attachment.
The Svea Court of Appeal in Sweden upholds the award in full by dismissing all of the challenges (including based on the fraud allegations) brought by Kazakhstan against the award and refuses the right to appeal its judgment to the Swedish Supreme Court.
The Tribunal holds that Kazakhstan has violated its obligations under the ECT and awards the Stati Parties damages of approximately US$ 500 million, plus costs and interest.
In its 414-page reasoned award the Tribunal holds that:
“[Kazakhstan’s] measures, seen cumulatively in context to each other and compared with the treatment of the Claimants’ investments before the Order of the President of the Republic [Nursultan Nazabayev] on 14/16 October 2008, constituted a string of measures of coordinated harassment by various institutions of [Kazakhstan]. These measures must be considered as a breach of the obligation to treat investors fairly and equitably, as required by Art 10(1) ECT”.
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