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.

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