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An archive of the key court rulings in the Tristangate dispute.
SVEA COURT OF APPEAL RULES THAT CLAIMANTS OF TRISTAN AWARD CAN COLLECT $75 MILLION HELD BY KAZAKHSTAN IN SWEDEN
The Svea Court of Appeal in Sweden ruled that approximately $75m of cash held in a Swedish bank on behalf of the National Bank of Kazakhstan belongs to the Republic of Kazakhstan and may be collected by the owners of Tristan Oil.
Kazakhstan and the National Bank had asked the Svea Court of Appeal to set aside the attachments, arguing that the attached assets did not belong to the Republic of Kazakhstan and were located in England not Sweden.
After evidence was presented to the court contradicting Kazakhstan’s claims, the Swedish court concluded that the properties belong to Kazakhstan, are located in Sweden, and fall under Swedish law relating to the enforcement of arbitration awards.
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Lawyers for Argentem Creek Partners and its CEO Daniel Chapman filed a motion to dismiss the claims brought by Kazakhstan in its Third Amended Complaint in the Supreme Court of New York. The motion argues that New York law provides the Court with multiple, independent grounds to dismiss Kazakhstan’s frivolous lawsuit with prejudice.
A federal judge in New York on February 10 granted the Argentem parties motion to compel arbitration against plaintiff Outrider thereby dismissing them from Kazakhstan’s vexatious litigation against U.S. investors. The Court also granted the motion by Kazakhstan to remand the case to New York State Court where Argentem’s motion to dismiss Kazakhstan’s claims will be decided.
The Supreme Court of Italy rejected an appeal brought by the Republic of Kazakhstan against recognition of the $544 million “Tristangate” Award on the grounds that it was procured by ‘fraud’. The Supreme Court of Italy upheld the earlier judgment of the Rome Court of Appeal handed down in February 2019.
The Swedish Supreme Court upheld a $90 million freeze on Kazakhstan National Fund’s assets in Sweden. The court ruled that the seized assets representing part of Kazakh National Fund are not protected by sovereign immunity as a matter of international and Swedish law. The Swedish Supreme Court remanded the case to the Svea Court of Appeal for further consideration with respect to other outstanding questions.