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An archive of the key court rulings in the Tristangate dispute.
THE SWEDISH SUPREME COURT REINFORCES DECISION FOR CLAIMANTS OF TRISTAN AWARD TO COLLECT $75 MILLION HELD BY KAZAKHSTAN IN SWEDEN.
The Swedish Supreme Court (Högsta Domstolen) dismissed Kazakhstan’s claim to appeal the January 2023 decision of the Svea Court of Appeal that confirmed that claimants of the Tristan Award can collect $75 million held by Kazakhstan in Sweden.
In January 2023, the Svea Court ruled that approximately $75 million of cash held at the Swedish Enforcement Authority on behalf of the National Bank of Kazakhstan belongs to Kazakhstan and may be collected by the owners of Tristan Oil.
Kazakhstan had sought to appeal the decision, arguing that the attached assets did not belong to the Republic of Kazakhstan and were located in England not Sweden. The Supreme Court examined the material and found no reason to grant leave to appeal to Kazakhstan. The Court of Appeal’s decision therefore stands: the claimants of the Tristan Award can collect $75 million held by Kazakhstan in Sweden as part of the enforcement of the 2013 arbitral award.
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The Brussels Court of First Instance grants recognition with respect to the award, dismissing all of Kazakhstan’s challenges to the award (including based on the fraud allegations).
The Luxembourg Court of Appeal grants recognition with respect to the award. The Court finds that Kazakhstan has failed to prove the existence of any fraud. This decision is binding and enforceable as a matter of Luxembourg law notwithstanding any further appeals.
The Stati Parties file a motion for sanctions and contempt before the federal district court in Washington, D.C. given Kazakhstan’s repeated breaches of its discovery obligations stemming from previous U.S. court orders in the local award enforcement proceedings.
This matter is currently stayed pending Kazakhstan’s compliance with its discovery obligations.
A District Court in Stockholm dismisses Kazakhstan’s and NBK’s separate appeals against various attachment orders made by the Swedish bailiff concerning Kazakh state property in Sweden.
The assets in question represent proceeds of shareholdings and related economic rights in various Swedish listed companies owned by Kazakhstan as part of the savings portfolio of the National Fund. These proceeds are currently blocked in the Swedish bailiff’s escrow account in the sum of SEK 790,284,526 (approximately US$ 53 million) pending final resolution of the Swedish award enforcement proceedings before the Swedish Supreme Court.
The Amsterdam Court of Appeals upholds the US$ 5.2 billion share freeze of Kazakhstan’s stake in the Kashagan oil field held via Samruk-Kazyna.