Kazakhstan says Belgian court lifts $21.5 billion asset freeze

Reuters  | May 30, 2018 06:20

Kazakhstan says Belgian court lifts $21.5 billion asset freeze

ALMATY (Reuters) - A Belgian court has lifted a freeze on about $21.5 billion (16.2 billion pounds) in Kazakhstan's National fund assets imposed after a dispute with a Moldovan businessman, the Kazakh justice ministry said on Wednesday.

The largest asset freeze against the Central Asian nation, originally put in place last year over a $530 million claim against the Kazakh government by Anatolie Stati, will now be limited to the value of the claim, the ministry said in a statement.

Stati, his son Gabriel and their companies say they have been subjected to harassment from Astana aimed at forcing them to sell their Kazakh investments cheaply.

Kazakhstan denies the allegations. However, the Statis and two of their companies – Ascom Group S.A. and Terra Raf Trans Traiding Ltd - have won an international arbitration award of around $500 million against the Kazakh government.

Kazakhstan has refused to pay, accusing Stati of using fraudulent means to secure a favourable arbitration ruling and filing lawsuits against him. The Statis, in turn, filed enforcement lawsuits in several European countries which led to large-scale Kazakh asset freezes last year.

The justice ministry said on Wednesday the Belgian court could lifted the freeze on the remaining $530 million depending on a ruling by a British court - where Kazakhstan is disputing the Statis' claim, with trial set to start in October.

The $59 billion rainy-day National fund, replenished by revenues from oil and metals exports, is one of Kazakhstan's sovereign funds, invested mostly in bonds.

Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Sign out
Are you sure you want to sign out?
NoYes
CancelYes
Saving Changes