Starting in 2006 (or earlier), Moldovan oligarch Anatolie Stati and his son Gabriel Stati embarked on a fraudulent scheme that defrauded international investors of their money, falsified financial statements, and recruited the victims of the fraud to pursue international arbitration against the Republic of Kazakhstan to recoup from the state the monies the Statis had stolen themselves.
The Republic of Kazakhstan has been a victim of the Statis’ fraudulent claims since at least 2006. On 1 July 2010, the Statis defaulted on their interest payments to noteholders as a result of the illegal stripping of their Kazakhstani companies. The Statis thus filed a request for arbitration with the Stockholm Chamber of Commerce, claiming that Kazakhstan had engaged in harassment to take over the Statis’ business and assets in the country. At the hearings held in Paris, the Statis inter alia claimed they were entitled to damages for the cost of the LPG Plant and additional profit that would have been made if not for the supposed harassment campaign.
However, the supposed costs of the LPG plant and its additional profit were based on fraudulent information contained within financial documents that grossly overinflated the cost of the plant and its potential profits.
Explore the timeline from when the Statis first purchased two Kazakhstani oil and gas companies up until the parties’ latest filings.
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