The Amsterdam court upheld the decision on the freezing Kazakhstan's share of the state Fund "Samruk-Kazyna” in a Dutch company KMG Kashagan B. V., which is a shareholder of the NCOC consortium developing the giant Kashagan field in the Caspian sea, according to Interfax-Kazakhstan.
As Agency Bloomberg informs with reference to the statement by Moldovan businessman Anatol Stati and his partner, the nominal value of this share is estimated at $5.2 billion, the Authorities of Kazakhstan have control of 16.9% in the Caspian project, KMG Kashagan B. V. accounted for half of this share.
By a decision of the court of Amsterdam total amount of "frozen" assets of Kazakhstan had exceeded $28 billion.
The assets were "frozen" because A.Stati and his partners filed a claim in the amount of $500 million against Kazakhstan for the confiscation of oil projects in 2010. Earlier, in December of 2017, in this case about $22 billion dollars of National Fund of Kazakhstan (or about 40% of the total national budget) were "frozen" by the Bank of New York Mellon Corp.
"Samruk" argued that "freezing" of assets can be an event of default and may lead to claims against third parties, but this argument was not specified", - it is stated in the court decision referenced by Bloomberg.
The share of local government in the Luxembourg-based mining company Eurasian Resources Group was also "frozen". In Sweden the state court contractor began to sell shares of the government of Kazakhstan in 33 Swedish public companies worth about $100 million, the statement of the Moldavian businessman and his partners tells.
The Ministry of justice of Kazakhstan noted that A.Stati and his partners won the case "by way of deception", including the overstatement of expenditures for the construction of a gas processing plant in the country. Kazakhstan is preparing for the court hearings in the UK about "cheating", which is scheduled for October.
According to the Ministry, over the past four years, the Republic is involved in a series of foreign court process in connection with arbitration proceedings initiated A.Stati, his son Gabriel and their companies, Ascom Group S. A. and Terra Raf Trans Trading Ltd. claims worth more than $4 billion.