Multi-billion pound row between the government of Kazakhstan and the two bigwigs of the energy sector will play in the English court later this year after the Supreme Court quashed efforts to have the case dismissed.
Anatol Stati and his son Gabriel successfully petitioned several countries to freeze the $22.6 billion (£16.7 billion) worth of assets belonging to oil-rich Central Asian country, including 40 pieces from the national welfare Fund, seeking to force it to pay $ 500 million they won in the arbitration case against him in 2010.
But they tried to back out of an attempt to freeze his assets in England in February after the judge said that there was “sufficient” evidence of the pair won their initial case of fraudulent claims.
In the ruling released Friday, judge Robin Knowles made a decision on the case will be held as planned in October, dismissing Stathis’ claims that they could not afford to continue the action and they have managed to freeze enough of the Kazakhstan assets in other countries.
The series centers on former oil assets in Kazakhstan, Stathis (image)
The dispute concerns two companies in the pair and their responsibility ascom Group and Terra RAF TRANS Supply purchased in 1999 which has been licensed in Kazakhstan Borankol and Tolkyn fields.
They claim that they were forced to abandon parts of assets through the campaign to pressure the government, including excessive inspections and audits and false claims against Directors.
Arbitration 2010, in Sweden, found in their favor, demanding that Kazakhstan will pay $500 million, including $199m in the cost of construction as a reward. But a country that continues to deny guilt, and still failed to pay, even after the Moldovans have managed to freeze billions of dollars of its assets in Belgium, the Netherlands, Sweden and Luxembourg.
Since then, he argued that the Tribunal due to false information from Statis, which he blamed for exaggerating the value of their investment in the projects.
Marat Beketayev, the justice Minister of Kazakhstan, said: “We are confident that justice will eventually be served.”
Press Secretary Stathis said that they “respect the decision of the English court, but believe it is flawed in several material aspects.” They will seek to appeal. Anatoly the way started the company ascom, Moldova’s largest oil and gas company in 1994.