28 February 2017

KWM advises Kyrgyz Republic on successful award overturn

King & Wood Mallesons (KWM) represented the Government of the Kyrgyz Republic to successfully overturn the US$16.5 million UNCITRAL award, with the Paris Court of Appeal recently ruling that Manas Bank had been established to facilitate money laundering.

The Government challenged the arbitral award in the French courts, which was made against the Kyrgyz Republic and in favour of Latvian businessman Valeri Belokon, former majority owner of Manas Bank, who claimed compensation for nationalization of the bank in 2010, as well as resisting enforcement of the award in Ontario.

The award overturn judgment comes three years after a Paris-seated tribunal, presided over by Jan Paulsson, held that Kyrgyzstan expropriated Belokon’s stake in Manas Bank after putting it into administration pending an investigation for financial fraud.

The KWM team was led by London Partner Andrei Yakovlev, with support from Associates Wilson Antoon, Dina Suliman and Marco Toracca.

Commenting on the matter, Andrei Yakovlev said; “We are pleased to have supported the Government of the Kyrgyz Republic on this significant matter, which represents one of the most important arbitration decisions of 2017.”

This successful result follows KWM’s landmark victory in September 2014 for the Government, in a regional investment treaty interpretation case at the CIS Economic Court. KWM has also been appointed to advise on all pending investment arbitration claims asserted against the Government, including the defence of a US$450 million claim by the former chairman of AsiaUniversalBank, defence of a US$120 million BIT claim by BTA Bank, challenge of a US$120 million arbitral award made by the Moscow Chamber of Commerce Arbitration and resisting enforcement in Ontario and New York of a US $11 million ICSID Additional Facility award.

Media Contact

Share on LinkedIn Share on Facebook Share on Twitter Share on Google+
    You might also be interested in

    King & Wood Mallesons has improved its overall position in the 2017 Acritas Global Elite Law Firm Brand Index, ranking 13th.

    12 October 2017

    King & Wood Mallesons confirmed today that Sue Kench has been appointed as Global Managing Partner, effective 1 June 2017. Sue has held the role of Chief Executive Partner Australia since 2013...

    10 May 2017

    KWM is pleased to confirm that it has established a new business to maintain a strategic presence in the UK, Europe & the Middle East.

    18 January 2017

    King & Wood Mallesons has elected Frankfurt partner Michael Cziesla as its new EUME Senior Partner with immediate effect for a term of three years.

    19 October 2016

    You may also be interested in...

    This publication has been downloaded from the King & Wood Mallesons website. It is provided only for your information and does not constitute legal or other advice on any specific matter. If you require or seek legal advice you should obtain such advice from your own lawyer, and should do so before taking, or refraining from taking, any action in reliance on this publication. If you have any questions, please contact King & Wood Mallesons. See www.kwm.com for more information.