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An archive of the key court rulings in the Tristangate dispute.
Swedish Court Dismisses Appeals Against US$ 53 Million Attachment Made by the Swedish Bailiff
A District Court in Stockholm dismisses Kazakhstan’s and NBK’s separate appeals against various attachment orders made by the Swedish bailiff concerning Kazakh state property in Sweden.
The assets in question represent proceeds of shareholdings and related economic rights in various Swedish listed companies owned by Kazakhstan as part of the savings portfolio of the National Fund. These proceeds are currently blocked in the Swedish bailiff’s escrow account in the sum of SEK 790,284,526 (approximately US$ 53 million) pending final resolution of the Swedish award enforcement proceedings before the Swedish Supreme Court.
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The federal district court in Washington, D.C. rules that the award is valid and enforceable as a binding U.S. judgment following an application by the Stati Parties to confirm the Award on U.S. soil. In doing so, the U.S. court rejects the fraud allegations brought forward by Kazakhstan.
The Stockholm District Court upholds its previous decision from August 21, 2017 allowing the Swedish bailiff to levy attachments on Kazakh state property on Swedish soil by dismissing Kazakhstan’s challenges to the original ruling.
The Amsterdam District Court dismisses a challenge by Samruk-Kazyna against the freeze over the Kashagan oil field.
The Swedish Supreme Court upholds the award for the first time and rejects Kazakhstan’s extraordinary review application against the Svea Court of Appeal judgment from December 9, 2016.
The Brussels Court of First Instance makes an attachment order as sought by Stati Parties. The said order was served on BNY Mellon as global custodian of Kazakhstan’s National Fund assets leading to BNY Mellon freezing US$ 22.6 billion in assets of the National Fund (comprising about 40% of the Fund’s entire portfolio).
This attachment is believed to be the largest in legal history.