Stati Case: Kazakhstan Officially Closed Dispute

The Ministry of Justice of Kazakhstan officially announced that the government and the National Bank have finalized the dispute between the country's authorities and Moldovan businessmen Anatolie and Gabriel Stati.

In July, the parties had reached an amicable agreement, Orda.kz reports.

The Ministry of Justice reports that the long-standing dispute over oil and gas assets in Kazakhstan has been concluded once and for all.

The signed final settlement agreement is the basis for the termination of all current disputes without the right to renew them in the future. The specific terms of the agreement are confidential,
the Ministry of Justice emphasized.

Daniel Chapman noted that the resolution of the long-standing dispute is a sign that Kazakhstan respects the rights of foreign investors. Chapman is the chair of the board of directors at Argentem Creek Partners.

Argentem Creek Partners has represented Stati.

We thank President Qasym-Jomart Toqayev for his leadership in changing the way foreign investors view Kazakhstan. We look forward to working on new projects in the future, Chapman said.

Justice Minister Azamat Yeskarayev added that the agreement with Stati has given Kazakhstan additional opportunities to develop the economy and attract investment.

This statement alludes to the issuance of Eurobonds, which became possible precisely due to the end of this long-standing legal dispute.

Funds from the republican budget were not used to settle the dispute.

The litigation with Stati, which began due to the illegal seizure of Tristan Oil assets, lasted almost 15 years.

Throughout the litigation, Kazakhstan's assets abroad were repeatedly seized. 

The country spent a significant amount on this process and sustained considerable reputational damage.

Original Author: Nikita Drobny

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