Article summary
Arbitration analysis: This case, heard by the Supreme Court of Gibraltar applying English procedural law, arises out of a US$500m investment treaty award rendered against the Republic of Kazakhstan in favour of an oil field operator. Following numerous enforcement, annulment and recognition proceedings in jurisdictions around the world, the Kazakh Government, through a private bankruptcy action, sought to recover tax debts equal to the amount awarded in the arbitration. The court declined jurisdiction, holding that the proceedings constituted impermissible ‘revenue claims’ funded and supported by a foreign state. In an insightful judgment, rich with authorities and detailed analysis, the court considered a host of legal issues commonly encountered in cross-border disputes. In particular, the decision offers useful guidance on actions brought by state-affiliated claimants, the interplay between arbitral proceedings and related litigation, and the factors to determine the proper forum for a dispute. Written by Dharshini Prasad, counsel, and Mark Feldner, associate, at Willkie...
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