Interesting article....Kyrgyzstan settles 9 international arbitration disputes worth $1.5 bn out of 14 AKIPRESS.COM - In the years 2014-2016, fourteen lawsuits were filed against the Kyrgyz Republic with over $1.8 billionclaims and 9 arbitration disputes have been settled to date, Tazabek reported citing the center of legal representation of the Government.
As of 30 December 2016, Kyrgyzstan has settled nine arbitration disputes for over $1.5 billion and could reduce claims by almost 85%, including:
- AsiaUniversalBank OJSC shareholders vs Kyrgyzstan $17 million claim;
- Joint $400 million lawsuit of shareholder Mikhail Nadel and AsiaUniversalBank minority shareholders against Kyrgyzstan;
- Stans Energy Corp. and Kutisay Mining LLC vs. Kyrgyzstan ($118 million investments restitution claim);
- Stans Energy Corp. and Kutisay Mining LLC vs. Kyrgyz Republic (recognition and enforcement of an arbitration award rendered by the Arbitration at the Moscow Chamber of Commerce and Industry dated June 30, 2014);
- OKKV (OKKB) claim of $2.3 millionasking compensation from Kyrgyzstan for nationalized property;
- $22.5 million lawsuit of South Korean citizen Lee John Beck and Central Asian Development Corporation LLC vs. Kyrgyzstan;
- Over $589 million claim of the Visor Investment Group and Consolidated Exploration Holdings Ltd. vs Kyrgyzstan;
- $245,000 lawsuit of Alabel Corporaition LLC vs. the Department of Registration of Vehicles of the State Registration Service of Kyrgyzstan;
- A separate lawsuit filed by AsiaUniversalBank former chairman of the board against Kyrgyzstan asking for $450 million compensation for the nationalization of his stake in AsiaUniversalBank.
So far, five arbitration claims against Kyrgyzstan totaling $253 million remain unresolved:
- $16.5 million claim of Manas Bank shareholder Valery Belokon vs Kyrgyzstan;
- $75 million claim of BTA Bank vs Kyrgyzstan;
- $8.5 million claim of Turkish company Sistem Muhendislik Insaat Sanayi ve Ticaret vs. Kyrgyzstan;
- $22.7 million claim of Turkish company Entes Industrial Plants Construction and Erection Contracting Co. Inc. vs the Ministry of Transport and Communications of Kyrgyzstan;
- New $128.3 million claim of Stans Energy Corp. and Kutisay Mining LLC against Kyrgyzstan.
Additionally, 2 lawsuits were filed against Kyrgyzstan in mid-2016 by the Canadian Centerra Gold Inc., Kumtor Gold Company, Kumtor Operating Company, and Uzbek legal entities whose properties in Issyk-Kul were nationalized. The plaintiffs have not voiced the amount of the claim yet. In October 2016, the Free Balance Inc. and Telecommunications Consultants India LTD sued the Kyrgyz Republic asking to pay $1.9 million.
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