Kyrgyzstan government deposited with the World Bank a document on the ratification of the ICSID Convention, thereby completing the process of joining the world’s leading institution for resolving international investment disputes.
The tribunal determined that Stans prevailed on jurisdiction and on the merits of its claim, awarding Stans a sum of approximately US $24 Million inclusive of damages, interest, and costs.
Stans has entered into a litigation finance agreement to obtain incremental funding of Stans’ legal costs to continue with the international arbitration proceedings against the Republic of Kyrgyzstan.
The key issue in the case concerned the proper interpretation of the dispute resolution provision in the 2003 Investment Law, which was the basis for jurisdiction.
Allegations of corruption and criminal activity have been used increasingly in recent years in French courts to argue for the setting aside of arbitral awards on the grounds of a breach of international public policy.
The Kyrgyz Republic has notified Stans that it filed a claim with the High Court of Justice to set aside the jurisdictional award rendered by the UNCITRAL Tribunal in favor of Stans.
The Paris Appeals Court annuled $16.5 million award for Latvian businessman Valeri Belokon and reinstated the evidence that Manas Bank employees were engaged in money laundering.