They've lost another case in arbitration. The Kyrgyz government is obliged to pay $ 16.5 million Belokonju
The owner of CJSC "Manas Bank" lost control of the business after the events of April 2010, won an international arbitration.
10/24/14 18:16
WB
The Kyrgyz government is obliged to pay $ 16.5 million Belokonju
Today, October 24, in Paris, an international arbitration court ruled that the government of Kyrgyzstan is obliged to pay the owner of CJSC "Manas Bank" Valery Belokonju $ 16.5 million. Verdict of the International Arbitration Court entered into force and are not subject to appeal, said "WB" in bank, which since 2010 is in conservation under the control of the National Bank.
The bank noted that the Latvian businessman and banker Valery Belokon filed a claim against the government of Kyrgyzstan to international arbitration "in connection with the expropriation of the credit institution belonging to him" Manas Bank ".
Within two months, according to the procedures Belokon will wait for a response from the government of Kyrgyzstan, before initiating seizure of assets.
The request has been reviewed by the International Arbitration Court, which has been specially created in accordance with the agreement between Latvia and Kyrgyzstan agreement on investment protection.
"The composition of the arbitral tribunal consisted of three internationally recognized, independent arbitrator. Assessing the practice of international arbitration courts, Valery Belokon agreed to consider the court was whether the Kyrgyz base to take control of the bank. It also requested the offset value of the bank. Moreover Belokon not filed a claim compensation calculated difficult and hard provable claims for lost profits and compensation for moral damages. Nevertheless, Belokon satisfied with the decision of the International Court of Arbitration, "- said in a statement.
Recall, April 8, 2010, after the change of power in Kyrgyzstan, members of the interim government have entered external administration in several banks, who, according to the new political authorities, were related to the family of President Kurmanbek Bakiyev. Further, several banks ("Akylinvestbank", "KyrgyzCreditBank", "Manas Bank", "Investment Bank" Issyk-Kul ") have entered into conservation. In the last two financial and credit institutions, he is still in effect. First two banks were sold to former shareholders.
Within a few years, representatives of Valery Belokon were negotiating to Kyrgyzstan stopped criminal proceedings against Latvian businessman and leadership "Manas Bank". In exchange Belokon offered to withdraw the case to international arbitration.
It is worth noting that the last time this is not the first defeat of the government of Kyrgyzstan in international courts. Just last week, were arrested a 60% stake in Kyrgyzstan in Centerra Gold Inc. , the Supreme Court of Ontario on October 14 seized 47 million shares of "KyrgyzAltyn" at the request of the Canadian mining company Stans Energy Corp., which has the country's disputed extension of the license agreement. Claim for $ 118 million on deposit Kutessay, which was developed Stans Energy Corp., our country lost in July 2014 .
In November 2013 the court ordered the Kyrgyzstan to pay $ 23 million loss to the investor. The idea was that the Moscow Arbitration Chamber of Commerce ruled on the suit of a citizen of Korea Lee John Beck and LLC "Central Asia Development Corporation FEZ" to Kyrgyzstan.
Been simmering scandal and around the former owners of the hotel "Pinara Bishkek" (now the "Ak-Kem") - Turkish company Sistem Muhendislik Insaat Sanayi ve Ticaret AS, who arrested the shares of Kyrgyzstan in Centerra Gold Inc. to $ 11.4 million. OAO "KyrgyzAltyn" unfroze dividends from its shares in September of this year.
Of international arbitration, which involved the CD, the claim of the former shareholder of "AUB" Mikhail Nadel, who accused the government of expropriation and the bankruptcy of a major bank. In September, Kyrgyzstan took seven months for a response after issuing demands for $ 260 million. Earlier lawsuit against the Government of the Kyrgyz Republic was fed and the other shareholders of the AUB. The lawsuit former banker seen in The Hague.
URL: https://www.vb.kg/291182